Hung Hsien Yuan Pao

Reign title Hung Hsien was adobted in 1915 by Yuan Shih Kai president of the Peoples Republic of China.
Peiyang - city in the Chihli province where placed the Peiyang Arsenal Mint.

In the Krause and Mishler Standard Catalog of World coins is shown Hung Hsien Tong Pao and noted that it can be fantasy issue.
I think that shown here piece is fantasy coin too.

... reliable source asserts (see "Donald of China", by E.A.Selle, 1948) that Yuan [Shih-kai] was surreptitiously crowned as emperor, but that such action was cancelled by a Mandate issued by Yuan Shih-kai on March 21, 1916. To quote literally: "In mid-December (1915), and after unanimous convention of district delegates at Peking, Yuan, in a private and lavish ceremony, ascended the throne in the great throne-room in the Forbidden City. A system of royalty was set up. Friends of Yuan became barons, dukes and earls. For himself he took the title of HUNG HSIEN." On page 179 of the said book it is written: "On March 1 (1916) Yuan issued a Mandate cancelling the monarchy and restoring the republic. Once again, Yuan was just 'Mr.President'."
On June 6, 1916, Yuan Shih-kai died, and with him monarchial scheme. As will be seen, gold, silver and copper coins with the confidently expected monarchial title styled HUNG HSIEN, were actually struck in preparation of the auspicious event.