Hard cheese — poor lad lost $1 (4)

I believe the answer is:

buck

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'hard' is the definition.
Both the answer and definition are adjectives. Maybe there's an association between them I don't understand?

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for buck that I've seen before include "Dandy" , "Male kangaroo" , "US cash" , "Animal - dollar - responsibility" , "American's ready" .)

I've seen this clue in The Times.

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