We have a prompt and very satisfactory reply from Mr. De Gilley, who identifies the coin as a soldo ND for Sardinia in the name of Philip III of Spain (1598-1621), Cagliari mint, reference Monete Italiane Regionali (MIR) 64. Legends are (capitals are on the coin):
Obverse: PHilippvS Rex ARAgoniae et SARdiniae
Reverse: INIMicos EIVS IHDVAM CONFVSIOne - I will cloth his enemies with shame
The reference to Aragon is explained
here. This may also explain the anachronistic reverse design.
See other specimen of this type
here and
here.
This type is not listed in Cayón.
Most excellent, Mr. De Gilley. Thank you.
Peter