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Old Spanish coin’s equal — mark, or noble? (4,2,3,5)

Ross

I believe the answer is:

peer of the realm

I'm a little stuck... Click here to teach me more about this clue!

'noble?' is the definition.
(I've seen this before)

'old spanish coin's equal mark' is the wordplay.
I cannot quite see how this works, but
'old' could be 'o' (abbreviation) and 'o' is located in the answer.
'equal' could be 'peer' (synonyms) and 'peer' is located in the answer.
'mark' could be 'm' and 'm' is present in the answer.
'coin' could be 'real' (real is a kind of coin) and 'real' is found within the answer.
This may be the basis of the clue (or it may be nonsense).

'or' is the link.

Can you help me to learn more?

(Other definitions for peer of the realm that I've seen before include "noble" , "duke, perhaps" , "House of Lords member" .)

I've seen this clue in The Times.
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