United Kingdom: Coin Fifty Pence 1992 Single Market - detailed information

This coin commemorates the United Kingdom's Presidency of the Council of Ministers and the completion of the Single European Market.

The British decimal fifty pence (50p) coin - often pronounced fifty pee - is a unit of currency equalling one half of a pound sterling. It is a seven-sided coin formed as an equilateral-curve heptagon, or Reuleaux polygon - a curve of constant width, meaning that the diameter is constant across any bisection. This shape, which was revolutionary at the time, made it easily distinguishable from round coins both by feel and by sight, while its constant breadth allowed it to roll in vending machines.

The denomination was introduced in October 1969 when the 50p joined the 5p (shilling) and 10p (florin) coins in circulation, leaving only the three copper coins to be introduced on 15 February 1971 to complete the new series of decimal coins; unlike other coin types at the time though, the 50 pence coin was not made equivalent to a pre-decimal coin (it was the same as a crown in value but not in appearance or size).

Twenty pence and fifty pence coins are legal tender only up to the sum of £10; this means that it is permissible to refuse payment of sums greater than this amount in 20p and 50p coins in order to settle a debt.

The circulation 50p coins for 1992 were of this commemorative type instead of the traditional "Seated Britannia" type. However, the uncirculated and proof mint sets issued this year had both versions (78,421 brilliant uncirculated, 44,337 proofs in the standard set and 17,989 in a red leather case). Only 109,000 were issued for circulation though, which is an extremely low figure for this denomination.

The 50p coin was reduced in size in 1997 and the older (large) coins were removed from circulation; they were demonetised in 1998.

Crowned bust of Queen Elizabeth II wearing a pearl necklace, facing right (effigy known as the "Third Portrait"); incuse in tiny letters on neck truncation, the designer's initials RDM (for Raphael David Maklouf).

Around, the monarch's legend and the date: ELIZABETH II D · G · REG · F · D · 1992. Translated from Latin: Elizabeth the Second, by the grace of God, Queen, Defender of the Faith 1992.

A representation of a table on which are placed twelve stars, linked by a network of lines to each other and also to twelve chairs around the table, on one of which appear the letters UK; the dates 1992 and 1993 are above and the value 50 PENCE is below. This is the first British coin to bear dual dates (1992 / 1993) rather than the normal single date.

The designer's initials MMD (for Mary Milner Dickens) are situated in the field between the table and the first E of PENCE.