Collectors coveting Brexit 50p coins cause shortage for Leavers

WHERE have all the Brexit 50ps gone? It has been a question that has been asked for months by many Leave voters who wanted a piece of history in their wallets.

Royal Mint has produced 10million of the coins, of which seven million have entered circulation. Yet they appear to be hard to come by in shops and restaurants.

Now Royal Mint thinks it might have that answer, saying it believes that they are dropping out of circulation because they are “some of the most coveted by collectors” and looking after them at home as a “keepsake”.

There are 1.2billion 50ps in circulation and many different designs are produced annually, which means Royal Mint is unable to keep track of the popularity of each one.

It comes at a time when the use of cash has declined considerably in the wake of the Covid-19 pandemic, with ATM withdrawals down 60 per cent, leading to fears that could be why there are so few 50ps seemingly in circulation. Yet judging by the sales of the commemorative versions of the Brexit 50p – some selling for more than £1,000 each – they are proving to be popular.

Royal Mint said that more than 50,000 of the coins – including 3,000 gold Brexit 50ps worth more than £1,000 each, 47,000 solid silver Brexit 50ps worth £60 each and 5,000 cases worth £30 depicting the 50ps that marked the UK’S entry and exit from the EEC and EU – have all sold out.

A spokesman for Royal Mint said: “The coins are in circulation. However, we anticipated that they would become some of the most coveted by collectors.

“Due to the historical significance of the UK’S decision to leave the EU, we believe many people who encounter a ‘Brexit’ 50p will add it to their existing coin collection, or retain it as a keepsake in their family.”

Craig Mackinlay, a Conservative MP who first proposed the idea of a 50p to mark the UK’S exit from the EU to the Treasury, said: “I have never seen one.” Royal Mint said that – for now – it is not planning to produce any more. A spokesman said: “In the event that more stocks of UK coins are required to meet demand, we would seek approval to produce more. However, at the moment there is enough supply of 50p pieces.”

The Brexit 50p – stamped with the legend “Peace, Prosperity and Friendship with all nations” – was issued at the end of January.