*** UPDATE 12/08/2019 ***
The Chancellor Sajid Javid has asked officials if it will be possible to produce Brexit 50p coins in time for Britain’s departure from the EU in October 2019.
Previously, Chancellor Philip Hammond planned for just 10,000 commemorative Brexit coins to be struck for the event, however Javid intends millions of Brexit 50ps to be produced for circulation.
As mentioned in the blog below, the coin will have the words, “Peace, Prosperity and Friendship with all nations” and feature the date of Brexit – now 31st October 2019.
But with only a few months to go, will the coins be signed off by the Queen’s privy council and struck by The Royal Mint in time for Brexit?
It’s official! A Brexit 50p WILL be issued by The Royal Mint to mark the UK’s exit from the EU!
Within his budget, the Chancellor unveiled his advanced plans for the 50p coin, which will be released in Spring 2019.
As such a controversial issue, which has created much disruption across the UK and the EU since the referendum in June 2016, Philip Hammond hopes that this new coin, which is expected to bear the phrase ‘Peace, prosperity and friendship with all nations’, will promote the positivity of the event.
In our previous blog, we asked Change Checkers if they would like to see a Brexit coin and 68% of you believed that such a significant moment in Britain’s history should be commemorated with a 50p coin. The Government has now finally conceded to create a gesture for this landmark moment and recognise its importance, although Treasury sources say the department has secretly been working on plans for the coin for months now.
The importance of Brexit can now be likened to Britain’s entry to the European Economic Community, which was then incorporated into the EU in 1993. A 50p coin was issued in 1973 to mark the occasion, featuring nine hands clasping each other in a circle, symbolising the nine member states of the community, intended to represent the trust, assistance and friendship which comes with EEC membership. So important was this event, that in 1998 the first “new sized” commemorative 50p was issued to commemorate 25 years of the UK in the EEC.
89,775,000 of the 1973 50p coins were struck for collectors but is no longer in circulation, whilst the 1998 coin has a mintage figure of 5,043,000 and can still be found in circulation.
It seems that the idea of commemorating Brexit in some way is popular amongst collectors, as commemorative 50p shaped Brexit souvenirs are now available on eBay and are currently selling for £6.99. These are not legal tender, but go to show that a Brexit 50p coin is certainly in demand and could be incredibly sought-after.
An order has now been issued by Mr Hammond to The Royal Mint advisory committee to draw up a designs for the Brexit 50p coin, which should be signed off later this year. Just as the EEC 50p from 1973 intended to promote the development of new relationships, so too will the Brexit 50p, but what do you think about the plans for the new coin?
We posted a poll on our Facebook page to find out what Change Checkers think and 66% of you think we should have a Brexit coin, compared to just 34% voted against the coin and the majority opinion seems to be that we had a coin for entering the EU, so we should also have one for leaving.
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Exchequer Secretary, Robert Jenrick has seemingly secured the future of Britain’s Penny and Tuppence coins.
Speaking at the historic Trial of the Pyx ceremony on the 27th april, the Treasury Minister launched an impassioned defense of coins.
Describing coins as “freedom in the palm of your hands” he went on to focus on their crucial role in uniting a nation, as well providing simple and easy payment method for over 2.7m Britons.
But most importantly, for those of us fearing the demise of the British Penny and Tuppence, hinted at by Chancellor Philip Hammond during his Spring Statement, he was very clear.
“So the penny is safe. Safe today, safe as long as the British public cherish it and see in it, more than a unit of currency, but a metaphor for the enduring strength and continuity.”
Watch as Yasmin and Luke discuss all the latest news from the world of change collecting: