A common idea on here seems to be that if America's discovery had been delayed, the energy that Spain put into conquistadors would have gone into powering the Reconquista into North Africa instead. Although one should consider that in such a situation Spain would be without the New World gold that gave it such a short-term economic shot in the arm.
Well, after all, most of the american precious metal (mainly silver, despite the myth about american gold) was spent in the european wars, so, without Americas and without Charles V the iberian situation probably is only slighty worse than OTL in economical terms.
But this scenario would change a bit the things. Unknown adventurers gaining prestige, titles and social status like in OTL Americas would have less oportunities, since the north africans are a stronger opposition than indigenous americans (so, 500 guys and 20 horses couldn't do much, and they are not going to have local support) So, that kind of people should comform with less valuable booty. Thus, probably that means the great nobles will have more importance in the conquest of north Africa.
Also, it would be interesting the ottoman reaction.
Didn't that inrush of gold also trash the European economy?
I could be wrong, but I think that, although it trashed the european economy in short-term causing a wave of hiper-inflation, in long-term also allowed the rise of capitals that founded the ulterior development in Europe.