350) “BREXIT” (Britain's Exit) from the EEC: Coins issued by the Cook Islands in the denominations of $1, $5 and $20 in 2016:

350) “BREXIT” (Britain's Exit) from the EEC: Coins issued by the Cook Islands in the denominations of $1, $5 and $20 in 2016:

About BREXIT:

BREXIT is the term given to the withdrawal of the United Kingdom from the European Union (EU).

In 1957, the UK was not a signatory to the Treaty of Rome which brought into existence the European Economic Community (EEC).

In 1963 and 1967, UK applied twice for membership of the Organisation but on both occasions, the President of France Charles de Gaulle, vetoed UK’s entry into the organisation. His main objections were:

- Because of a number of aspects of Britain’s economy – from working practices to agriculture which made Britain incompatible with Europe

- Britain harboured a “deep-rooted hostility to any pan-European project.

In 1972, when De Gaulle left the French Presidency, UK under a Conservative Government enacted the “European Communities Act – 1972” and reapplied for the membership.

On 01.01.1973, the UK joined the European Economic Community or “European Common Market”.

Nevertheless, from 1974 onwards when the Labour Party came to power, there have been several groups, political parties and individuals who have been campaigning for this withdrawal or at least renegotiating Britain’s terms of membership of the EEC and then to hold a Referendum on whether to remain in the EEC on the new terms.

In 1975, the naysayers lost out, when a majority Referendum of about 67% of UK voters had opted to stay with the EEC.

Since 2012, Prime Minister David Cameron had been rejecting demands for a referendum on UK’s EU membership but kept his options open for seeking such a Referendum in case it was absolutely necessary.

In January 2013, Cameron conceded that he would hold such a Referendum on a renegotiated package, if he was elected in 2015.

In 2015, the European Union Referendum Act 2015 was enacted to enable the Referendum. The date of the referendum was set for 23.06.2016.

Cameron permitted his Cabinet Ministers to campaign for EU withdrawal, in case they wished to do so.

The final results announced on 24.06.2016. In an evenly contested Referendum, 52% voters elected to leave the European Union, which led to the resignation of the Prime Minister David Cameron and Theresa May being elevated to the position of Prime Minister. She has the onerous and complex task of initiating the withdrawal which will result in bringing about political and economic changes within the United Kingdom and new alignments vis-à-vis the European Union.

The Withdrawal:

Since 2007, Article 50 of the Treaty on European Union of EU Member States provides a window for withdrawal from the European Union.

Nevertheless, the process of UK’s withdrawal is seemingly complicated and uncertain, as this is the first time that a member nation has opted to do so under this provision.

More importantly, the process of withdrawal has to be completed within two years time as provided for in Article 50. The logic for giving a two year withdrawal period is that during this period new agreements may be negotiated, however, the Article does not provide for new agreements with the exiting country/countries, as of now which makes Theresa May’s task more cumbersome.

About the three coins issued by Cook Islands:

The historic vote on 23.06.2016, in which the United Kingdom chose to leave the European Union, has been portrayed by the Cook Islands on three newly designed coins in the denominations of $1 (Silver), $5 and $20 (both Gold).

The Silver Coin has been minted with the innovative Smartminting technology, while the Gold coins have been minted by Coin Invest trust on behalf of Cook Islands through a technology called Big Gold Minting which facilitates minting of low weight, large diameter gold coins.

The coins have been minted by B.H.Mayer’s kunstprageanstalt GmbH, Germany. 

The Obverses of all these coins shows the previous portrait of Queen Elizabeth II designed by Ian Rank-Broadley (remember that the present day portraits of the Queen appearing on Great British coins has been designed by Jody Clark), with his initials “IRB” below the Queen’s neck. Her name “ELIZABETH II” appears on the left periphery together with the name of the issuing nation “COOK ISLANDS”. The denomination/Nominal value of the coin is at the bottom “5 DOLLARS”.

The Reverses of these coins depicts a Geographical Map of Continental Europe, juxtaposed with a slightly enlarged United Kingdom cast in Union Jack colours. On the lower left periphery is the date of the Referendum “June 23, 2016” which symbolically has an arrow pointing towards “BREXIT”.

Interestingly, the mintage of each coin has been limited to “2016 pieces” each.

The Obverse of the $1 Silver Coin which has been minted with the innovative Smartminting technology.

The Reverse of the $1 Silver Coin showing a Geographical Map of Continental Europe, juxtaposed with a slightly enlarged United Kingdom cast in Union Jack colours. On the lower left periphery is the date of the Referendum “June 23, 2016” which symbolically has an arrow pointing towards “BREXIT”.

The coin strikingly contrasts the “enlarged” Great Britain cast in the brilliant colours of the Union Jack with Continental Europe depicted as a “Map” on the silver field.

The specifications of this coin are:

Country of issue: Cook Islands; Size/Diameter: 26 mm; Denomination: One Dollar ($1); Metal Composition: .999 Silver; Weight: 3.00 gms; Coin Quality: Proof; Mintage/No. of Pieces: 2016.

 The Obverse of the $5 Gold Coin which has been minted with the innovative Big Gold Minting (BGM) technology.

 The Reverse of the $5 Gold Coin showing a Geographical Map of Continental Europe, juxtaposed with a slightly enlarged United Kingdom. On the lower left periphery is the date of the Referendum “June 23, 2016” which symbolically has an arrow pointing towards “BREXIT”.

The specifications of this coin are:

Country of issue: Cook Islands; Size/Diameter: 26 mm; Denomination: Five Dollars ($5); Metal Composition: .9999 Gold; Weight: 0.5 gms; Coin Quality: Proof; Mintage/No. of Pieces: 2016.

The Obverse of the $20 Gold Coin which has been minted with the innovative Big Gold Minting (BGM) technology.

The Reverse of the $20 Gold Coin showing a Geographical Map of Continental Europe, juxtaposed with a slightly enlarged United Kingdom cast in Union Jack colours. On the lower left periphery is the date of the Referendum “June 23, 2016” which symbolically has an arrow pointing towards “BREXIT”.

The specifications of this coin are:

Country of issue: Cook Islands; Size/Diameter: 26 mm; Denomination: Twenty Dollars ($20); Metal Composition: .9999 Gold; Weight: 1/10 Oz; Coin Quality: Proof; Mintage/No. of Pieces: 2016.