‘Caledonia’ was carved before 1860, as it’s mentioned in the OS Name Book from that year
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The Hawkstone’s Caledonia inscription was seen by Thomas Pennant while on his tour in Scotland in 1772. His notes from that journey, published in 1776, say:
‘At a hamlet called Hawkstone, see on the road side a very large stone, said to be that on which the hawk of the peasant Hay alighted, after it had performed its flight round the land which was given to the gallant rustic, in reward of his services. On it is inscribed in modern letters, I know not why, the word Caledonia.’
Pennant, T. (1776) A Tour in Scotland. MDCCLXXII Part 2. London: Benjamin White. p.120.