there was one listed on ebay saying it was indeed spanish. Heres what it said about the obverse:
Crowned Coat of Spanish Arms showing the Lions of Leon and the Castles of Castile, surmounted by the Lilies of Bourbon France (added after the War of the Spanish Succession). The Pomegranate at the bottom is for Navarre.
It didnt say what the token was used for or any history on it. Im curious so I am going to do some more checking