It was minted by the Royal Mint, it features the Royal cypher of "VR", of the reigning monarch Queen Victoria at the time, but didn't feature a profile of the face of the monarch as all other coins did, due to the hole in the middle.

During the period 1863-1866, the characters on this side was written as Hong Kong One-wen (香港一文), resembling the Chinese currency of cash at that time period.

Among which, the 1866 One-wen is regarded as one of the rarest sample in Hong Kong coinage.

Later on in 1866, the Chinese characters was altered to Hong Kong One-thousand (香港一千), indicating the value of a thousandth of a dollar.

Source:[1] 1863: 19,000,000 1864: Unknown 1865: 40,000,000 (Two variations exist - one with a hyphen between HONG and KONG on the obverse, one without hyphen between the two words) 1866: Unknown (Regarded as one of the rarest coin in Hong Kong coinage.