I’ve been examining an 1832 Mexican Republic 8-Reale that a friend of mine recently purchased. I am intrigued by this coin which I believe is a counterfeit and appears to have been circulated. 

The color is off. Weight is 28.45 (27.07 expected). Diameter is 38.54 (38.9 expected). There is a bell tone, but it is shorter in duration and higher pitched than a genuine silver reale. Surface does not show bubbles. No evidence of die erosion. Reeding not consistent. Overall loss of fine detail. Low relief, and mushy lettering. And medal alignment instead of coin alignment.

My question is what type of counterfeit is this? I am thinking it was struck from a set of cast dies and not simply a cast counterfeit given the tone and lack of bubbles.

Also, is this a contemporary counterfeit? 

Thanks!

Interesting piece, I wish I could see it up close.  The"circulated" look could be due to the copied coin being circulated itself.  If it were a debased coin that someone wanted to circulate at full value, then giving it a circulated appearance would be helpful.   It does seem to have relatively nice surfaces for a cast copy, your idea of cast dies would make sense then, since it would allow the counterfeiter to make multiple debased copies.

Due to what appears to be a seam on the edge I would think that it is a modern counterfeit. The contemporary counterfeiters were pretty good about getting the specs closer, in most cases.  If you have access to someone with an XRF machine or can check specific gravity they will be able to give you a better idea of metallurgical content. 

Pictures help but based on your study of the coin being off that much in weight looks like it was done in two pieces. Obverse fist reverse second. I would bring it to a dealer or send it in. The weight bothers me. Could Not of been cleaned also!

this was cast and tooled then acid was poured on it