Brexit 50p: Limited edition coins to be shredded and melted down after Boris Johnson misses 31 October deadline

Treasury to produce new coins that will enter circulation 'after we have left'

They had been designed to invoke the spirit of a post-Brexit nation, but now a run of commemorative 50p coins emblazoned with 31 October - the date the UK was supposed to leave the European Union (EU) - will be scrapped, shredded and melted down.

Originally they were supposed to be minted in time for this Friday. They were part of an ongoing initiative to commemorate the day Brexit is finalised that was first pitched by former chancellor Philip Hammond during his time in No 11.

However HM Treasury has confirmed the approximately 3 million coins would be recycled now that the EU has agreed a Brexit extension of 31 January with the UK Government.

"We will still produce a coin to mark our departure from the European Union, and this will enter circulation after we have left," a spokesman said.

The dates on the coin may continue to change but the text – Peace, prosperity and friendship with all nations – has remained constant.

The phrase echoes that of third US president Thomas Jefferson in his inaugural address - in which he vowed “peace, commerce, and honest friendship with all nations” with the caveat “entangling alliances with none”.

A further 7 million were due to be minted over the course of the year – considerably more than the 10,000 commemorative coins planned by Mr Hammond.

The cost of designing and producing the commemorative coins will be met by the Royal Mint out of its own revenues at no cost to the taxpayer.

The Royal Mint regularly issues commemorative currency, with notable coins minted in honour of the 2012 London Olympics.

However the Brexit edition of the 50 pence piece was proving controversial – with some vowing to return the coin to the bank if it turned up in their change.