The arrows in bundle design appears on mid 1600's and earlier Spanish/Spanish colonial coinage, so approximate dates are right. Unfortunately, this one looks to have been heavily clipped. 1 real from reign of Ferdinand and Isabella weighs about 3-3.5g, and would be about 24-26mm. Not sure if the clipping on yours would cause this much of a discrepancy. There are some other Castile and Leon types, also.
The weight and diameter don't quite fit what woud be expected, but reducing the diameter of a disk of uniform thickness by 25% would reduce the mass by 44%.
So, for example, clipping 25% of a coin that starts at 28 mm and 3.4 grams would result in a coin of 21 mm and 1.9 grams.