The recent announcement that there is to be a new 50 pence commemorative Brexit coin may not meet with universal approval, particularly among the 16 million people who voted to Remain, but the new coin will be part of a long tradition. The first commemorative 50p recognised the UK joining the EEC in 1973. These have been followed by a 1992 EU Single Market and British Presidency 50p and in 1998 there was a 50 pence coin to commemorate the 25th anniversary of joining the European Community.

The concept of using coins to commemorate historic events predates our involvement with European institutions. In 1935 the Royal Mint minted a crown (five shillings) to mark the Silver Jubilee of George V

The 50 pence coin has been around for forty-nine years (cue '50 at 50' headlines):

• The coins were in circulation prior to decimalisation, replacing the paper 10 shilling note in 1969
• The smaller format was introduced in 1997
• A large number of reverse designs have been used. 29 different designs were issued for the 2012 Olympic Games
• According to checkyourchange.co.uk as of June 2018 'there are 89 different (50p) coins potentially in circulation'
• In 2017 the Royal Mint produced 1.8 million new 50 pence coins.

Coins are obviously still important in the UK. As of March 2016 there were 30.14 billion coins in circulation.

Meanwhile in the euro zone latest ECB figures show there are around 129 billion coins in circulation. There too we come across commemorative coins, but the background is different. Euro countries are allowed to issue two commemorative coins a year and only the 2 euro denomination can be used for these purposes. The first commemorative euro coin was issued by Greece to commemorate the Athens Olympics in 2004.

The fact that coins throughout Europe are used to commemorate important national events is perhaps an indicator of their continued importance in those countries in that most people still use them every day.

Retailers everywhere still need to accept coins and to be able to provide the correct coins in change. At the same time banks need to deal with traders who need to deposit coins and will be wary of the potential impact on queuing time as customers have to stand in line at the branch.

Handling coins has implications for efficiency.

By automating cash processing and eliminating manual counting and sorting of coins, retailers can release employees to focus on revenue generation and customer facing activities. They can also speed up the payments process, as coin counters and sorters can deal with up to 1500 coins (of up to six denominations) in a minute.

It's important to recognise that the automation technology Glory deploys is not just about accepting, sorting and dispensing coins. Coin wrappers accelerate processing, increasing accuracy and efficiency and removing outsourcing costs.

As cash continues to play an important role at retail outlets, so banks may also benefit from the automation of coin deposit. Customers can now deposit coins at the bank branch quickly and easily without the need to pre-wrap or wait in line for a teller. Offering customers a faster, more convenient way to deposit coins reduced waiting times, increases teller productivity and enhances customer satisfaction.

Whatever the design, large numbers of coins will continue to play an important role in the retail economy for the foreseeable future and how you process them will continue to have implications for your bottom line.