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Brexit (a portmanteau of "British" and "exit") was the withdrawal of the United Kingdom (UK) from the European Union (EU). Following a June 2016 referendum, in which 52% voted to leave, the UK government formally announced the country's withdrawal in March 2017, beginning the Brexit process. The UK withdrew from the EU at 11 p.m. GMT on 31 January 2020, beginning a transition period that is set to end on 31 December 2020. During the 11-month transition period, the UK and EU will negotiate their future relationship. The UK remains subject to European Union law and remains part of EU Customs Union and European Single Market during the transition period, but is no longer represented in the EU's political bodies or institutions.
The Brexit 50p, which were delayed twice previously due to the design that includes the actual day of departure, were ordered to be produced by the treasury in March 2019 and October 2019 — both consignments consisting of 1,000 prototypes dated “29 March” and over one million pieces dated “31 OCTOBER” were ordered destroyed or recycled. These coins will be the third “BREXIT” consignment and the fourth time in which an EU-themed design will be released for circulation. The first being when Great Britain joined the European Economic Community in 1973, the change-over to the European Union in 1992, and when the UK held the rotating EU presidency in 1998.
The fifth crowned portrait of HM Queen Elizabeth II facing right, wearing the George IV State Diadem and drop earrings.
·ELIZABETH II·D·G·REG·F·D·50 PENCE·2020
Depicts a quote from Thomas Jefferson (America’s third president and author of the U.S. declaration of independence), ‘Peace, prosperity and friendship with all nations’ and the date of the United Kingdom's withdrawal from the European Union.