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If the diameter is 34 MM it's a 4R; if 40 MM, it's an 8 R; Mexican; Carlos IV; assayer FM--IMO
Cleaning will answer questions.
Don.......
Mexican coins are not minted over the standard diameter, so you coin is an 8R; even if the '8' were not visible--though it is.
No question as to what you have: 1788 Mexico City Mint 8R, 0.9027 fine silver, FM assayer;series minted between 1773 and 1789 (probably ~26 grams).
Don..........