One million 50p coins featuring wrong Brexit date to be melted down
One million 50p coins minted to mark Britain’s planned departure from the European Union on 31 October are headed for the furnace, the Treasury has confirmed.
Chancellor Sajid Javid had ordered the production of three million commemorative coins engraved with the planned departure date, but the Royal Mint paused production in late October after Prime Minister Boris Johnson accepted a Brexit delay from the EU.
Read more: Treasury confirms taxpayers will foot bill for melted 50p Brexit coins
The Treasury has now confirmed, in response to a Freedom of Information request by City PM, that approximately one million of the coins were produced before production was halted, and will now be melted down.
The department had previously confirmed that the taxpayer would be footing the bill for the scrapped coins but declined to put a figure on the cost in its response to the request, saying the information was commercially sensitive.
“The cost of producing coin with a design to mark the UK’s departure from the European Union is not materially different from other coins of this denomination,” it said.
The Treasury said it would recycle the million Brexit 50ps produced in October and “the value of the materials recouped by the Exchequer”.
“The only cost incurred by HM Treasury in relation to the coin to mark the UK’s withdrawal from the EU was the production of approximately one million coins in October 2019.”
The cost of designing and producing commemorative coins which do not enter circulation is met by the Royal Mint, but the Treasury funds those that are circulated.
The commemorative Brexit coins were due to feature a message of “Peace, prosperity and friendship with all nations”.
The melting down of the 31 October 50p coins marks the second time commemorative Brexit coinage has been scrapped.
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Javid’s predecessor, Philip Hammond, had planned to produce commemorative 50p coins engraved with the original Brexit date of 29 March. Hammond had intended to issue a more limited edition of around 10,000 coins, to be sold at £10 each.
When Javid’s planned coins were scrapped last month, a Treasury spokesperson said: “We will still produce a coin to mark our departure from the European Union.”
Main image credit: Treasury