A beautiful circular example of a rare issue.
Obverse: centrally in the rim: 清大/造局器械洋北 - 年三十二绪光/ᡩᠠᡳᠴᡳᠩ ᡤᡠᡵᡠᠨ ᡳ᠋ ᠪᠠᡩᠠᡵᠠᠩᡤᠠ ᡩᠣᡵᠣ ᡳ᠋ ᠣᡵᡳᠨ ᡳᠯᠠᠨᠴᡳ ᠠᠨᡳᠶᠠ ᠠᠮᠠᡵᡤᡳ ᠨᠠᠮᡠ ᡳ᠋ ᡨᡝᡨᡠᠨ ᡧᡠᡵᡩᡝᡵᡝ ᡴᡡᠸᠠᡵᠠᠨ ᡴᡡᠸᠠᡵᠠᠨ ᠸᡝᡳᡵᡝᡥᡝ/半/角.
Reverse: dragon, in the rim the legend:
TA.TSING.TWENTY.THIRD.YEAR.OF.KWANG HSU./PEI.YANG.ARSENAL;