In times of inflation some coins, in various countries, were over-stamped with a different
denomination - such as maybe an 8 Maravedis was revalued to 12 Maravedis. So if prices
have risen that what used to cost 8 Maravedis was now 12 then the government recalled
all 8 Maravedis coins and over-stamped them with the new value; so the same coin could
buy the same items. And to show it was an official overstamp they sometimes put
another stamp on there - like on the other side of your coin, with that 64I which could
mean it was revalued, 24 years later - after Philip III, in 1641.
Something like that.
Examples on the first page here - there are a lot of countermarked coins, for same reasons ...
https://en.numista.com/catalogue/bresil-1.html
EDIT: Here is a page that at the top has information ...
http://forum.treasureclassifieds.com/Thread-1500-s-spanish-viii-maravedis-counter-stamped-xii-maravedis-1600-s#sthash.kHGRwF0U.dpbs