By 1858, the British government gave up all attempts to influence the currency situation in Canada,

and by the 1860s it came to the same realisation in Hong Kong: that there was no point in trying to
displace an already existing currency system. In 1863, the Royal Mint in London began issuing
special subsidiary coinage for use in Hong Kong within the dollar system. In 1866, a local mint was
established at Sugar Street in Causeway Bay on Hong Kong Island for the purpose of minting Hong
Kong silver dollar and half dollar coins of the same value and similar likeness to their Mexican
counterparts.[5] The Chinese did not however receive these new Hong Kong dollars well, and in 1868
the Hong Kong Mint was closed down with a loss of $440,000. The machinery at the Hong Kong
mint was sold first to Jardine Matheson and in turn to the Japanese and used to make the
first Yen coins in 1870. In the 1860s, banknotes of the new British colonial banks, the Hong Kong
and Shanghai Banking Corporation and the Chartered Bank of India, Australia and China,
denominated in dollars, also began to circulate in both Hong Kong and the wider region.