Exception’s test rules.

And the rule for most coin collectors is that modern coins can’t be valuable.

They’re simply issued in such large quantities that they’ll never be rare.

And rarity is the chief driver of value for collectors.

So why do 50p coins, which have only been with us since 1969 spark such frenzies online?

And is it worth hanging on to these oddly shaped and no-longer-very-valuable pieces of change?

Let’s have a look.

The birth of the 50p

The 50p is a child of Britain’s decimalisation revolution.

Its birth is complex.

Decimal coinage was introduced over a number of years before the full, final switch on Decimal Day in February 1971.

The 50p dates back to 1968.

Its nearest pre-decimal equivalent was the 10-shilling note - 20 shillings of 12 pence each made up a 240-pence pound.

They didn’t last at all well and needed to be replaced urgently.

Here we find a brilliant example of the technical skill and detail of coin design.

Coins were divided by tiers according to their metalic make up and designed in a way that preserved a consistent weight-to-value ratio.

That meant that you could weigh a mixed bag of silver, brass or bronze (though the metals were not pure) coins and calculate the weight.

Notes lasted about six months and coins potentially 50 years, but to fit a new 10-shilling coin into this system would mean producing an incredibly heavy coin.

So 50ps were divided into a new category of their own.

The coin was also very valuable. It was worth over £10 of modern spending power.

So they needed to stand out.

A different shape was thought to be a good idea, but it needed to be one that could be used in existing machinery like vending machines and coin counters.

This very technical problem was solved by a man called Hugh Conway, a member of the Decimal Currency Board.

Conway found an example in a textbook that met some of the conditions needed for a new coin shape.

But, after calling in aircraft engineers who worked on machines like Concorde the shape was found to be unsuitable for practical use.

Colin Lewis, a designer, came up with a formula for a new shape that would present an equal breadth however it was measured.

Lewis’s clever mix of triangular and circular shapes could be produced with any odd-number of points larger than one.

Conway chose seven, which he thought to offer enough difference from a circle to stand out without being so radical that it would inflame public opinion.

The shape is an equilateral-curve heptagon or a Reuleaux polygon. Most people would probably now describe those shapes as “50p shaped”.

Tests proved that the coin worked in machines, could be rolled and so on, and it was accepted.

It was released, with 50p on it but a pre-decimal value of 120d.

Conway had been wrong about public opinion to a small degree and some people took up against the new coin.

But time has proved him right, and the design was basically copied for a smaller 20p coin introduced in 1982.

The design of the 50p coin

The 50p has since 1973 been used as a blank canvas for a large number of commemorative designs.

This is why it is sometimes so rare and valuable.

The standard coin though has seen three different reverse (tails) designs and the same four portraits of Elizabeth II on the obverse (heads) side.

Christopher Ironside designed the first 50p. He was one of the UK's most important coin designers and was in time commemorated on his own 50p.

Christopher Ironside designed the Britannia figure that sits on the first two reverse designs.

From 1969 until 1982 the reverse carried the words “new pence” above the figure.

From 1982 that was replaced with “fifty pence”.

In 2008, Matthew Dent’s design showing a close-up detail of the the Royal Arms replaced the Britannia.

The Queen’s head was the famous Arnold Machin head until 1984.

From 1985 to 1997 a portrait by Raphael Maklouf showing the QUeen wearing the George IV State Diadem was used.

Then, Ian Ran-Broadley’s portrait, reinstating the Girls of Great Britain and Ireland Tiara from the Machin Head was used until 2015.

Jody Clark’s portrait was used until 2022, showing the queen with the Diadem on her head.

King Charles III first appeared on 50p coins on October 2, 2022. It was a special commemorative issue to mark the death of Queen Elizabeth II and the portrait of Charles was by Martin Jennings.

A King Charles’ 50p struck to mark the start of his reign shows an Atlantic salmon on the reverse.

You can find examples online for around £15.

There was also a coronation 50p, of which around 5 million were struck.

And this brings us to the reason why the 50p is the most collectible modern Britsih coin.

50p special and commemorative issues

The 50p has been the most popular coin for special issues.

Why?

Perhaps its the size. The 50p offers a nice blank canvas for designers.

It’s also a commonly used and useful coin.

So could you have a valuable 50p coin in your pocket?

It’s perfectly possible and extremely unlikely.

The Royal Mint has produced a number of special issue 50p coins for commemorative purposes since 1973.

These go into general circulation in numbers that range from just over 100,000 to more than 10 million. A very small number of these are rare enough to have value, if they are in good condition.

Since 2018 the Royal Mint has also produced commemorative only issues that are sold directly to collectors.

These too are collected and traded and may in time come to have value, though items produced deliberately for collectors to cherish rarely become extremely valuable.

General circulation 50p commemorative issue

The first special marked the UK's entry to the European Economic Community.

In 1973 to mark the UK Joining the EEC (later the EU) nearly 90 million special coins were issued.

1992 - 1993 - UK Presidency of EU Council of Ministers and launch of the Single European Market. 109,000.

1994 - 50th Anniversary of D-Day landings. 6.7 million.

1998 - UK Presidency of EU and 25th anniversary of EEC membership. 5 million.

1998 - 50th anniversary of the NHS. 5 million.

2000 - 250th anniversary of Public LIbraries Act of 1850. 11.2 million.

2003 - Centenary of Women’s Social and Political Union. 3.1 million.

2004 - 50th anniversary of Roger Bannister’s 4-minyte miile. 9 million.

2005 - 250th anniversary of Samuel Johnson's Dictionary of the English Language. 17.6 million.

2006 - 150th anniversary of the Victoria Cross. 12 million.

2006 - 150th anniversary of Victoria Cross second design. 10 million.

2007 - Centenary of Scouting Movement. 7.7 million.

2009 - 250th anniversary of Royal Botanic Gardens, Kew. 210,000.

2010 - Centenary of Girlguiding UK. 7.4 million.

2011 - 50th anniversary of the World Wide Fund for Nature. 3.4 million.

2011 - 2012 Summer Olympics in London. 29 designs.

2013 - Centenary of Christopher Ironside (the 50p’s designer). 7million.

2013 - Centenary of composer Benjamin Britten. 5.3 million.

2014 - Commonwealth Games in Glasgow. 6.5 million.

2015 - 75th anniversary of the Battle of Britain. 5.9 million.

2016 - Team GB Olympics. 6.4 million.

2016 - Battle of Hastings. 6.7 million.

2016 - 150th anniversary of Beatrix Potter’s birth. 6.9 million.
Also Peter Rabbit, 9.7 million. Mrs Tiggy-Winkle, 8.8 million. Squirrel Nutkin, 5 million. Jemima Puddle-Duck, 2.1 million.

2017 - 300th anniversary of Sir Isaac Newton's Gold-Standard Report. 1.8 million.

2017 Beatrix Potter: Peter Rabbit. 19.9million.
Also Jeremy Fisher, 9.9 million. Tom Kitten, 9.5 million. Benjamin Bunny, 25 million.

2018 - Centenary of Representation of the People Act. 9 million.

2018 - 60th anniversary of first Paddington bear book. 5 million.
Also: Paddington at Buckingham Palace, 5.9 million.

2018 - Beatrix Potter: Peter Rabbit. 1.4 million.
Also: Flopsy Bunny, 1.4 million. Tailor of Glouceser, 3.9 million. Mrs Tittlemouse, 1.7 million.

2019 - 160th anniversary of Sir Arthur Conan Doyle. 8.6 million.

2019 - Paddington bear at The Tower of London. 9 million.
Also Paddington at St Paul's Cathedral. 9 million.

2020 - Brexit. 10 million.

2020 - Diversity Built Britain. 10.3 million.

2022 - Platinum Jubilee of Queen Elizabeth II. 5 million.

2022 - 50 years of Pride. 5 million.

2022 - Commemorating death of Queen Elizabeth II. 9.6 million.

2023 - Coronation of King Charles III. Unknown, but possibly 5 million.

As you can see, these are very large numbers.

But, for comparison, in 1968 188.4 million 50p coins were minted.

So these coins are all relatively rare.

Two stand out.

The Kew Gardens issue of 2009 and the 1992 - 1993 issue to mark the birth of the EU single market.

Beatrix Potter's characters had a great run on 50p coins.

Rare and valuable 50p coins

These two are the rarest 50p coins.

Also rare are some of the Beatrix Potter characters and some of the 29 issues for the 2012 London Olympics.

The Royal Mint says the rarest are these:

10 - Olympic goalball 2011. 1.6 million.
9 - Olympic tennis 2011. 1.4 million.
8 - Flopsy Bunny 2018 (Potter). 1.4 million.
7 - Peter Rabbit 2018 (Potter). 1.4 million.
6 - Olympic Triathlon 2011. 1.1 million.
5 - Olympic Judo 2011. 1.1 million.
4 - Olympic Wrestling 2011. 1.1 million.
3 - Olympic Football 2011. 1.1 million.
2 - Kew Gardens 2009. 210,000.
1 - Olympic Swimming error 2011. Unknown.

And we can add the 1992 - 3 single market coin, of which just over 100,000 were made.

The Olympic swimming error shows a swimmer. Lines designer to show the water covered the swimmer’s face in a small number of coins issued into circulation. When this was spotted the design was changed.

How much are these coins worth?

It’s hard to say.

Much will depend on their condition.

But, you can find the Kew Gardens coin for over £100.

Olympic swimming coins are listed for over £2,000 on eBay.

The Single Market 50p can easily be found for under £100. This shows that rarity isn’t everything. It’s less common than the Kew Gardens coin and older, but the Kew coin has a lovely design that caught the public imagination.

That’s incredible for such a recent coin.

Presumably in time this value will go up as more coins are lost or defaced beyond recognition.

Is there a valuable 50p in my change?

Yes.

There could be.

And it’s extremely unlikely.

But, you should certainly, I think, get into the habit of checking your change.

You may find something exciting.

And coin design - for a collector - is a fascinating study.

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