June 23, a day marked in the pages of history as Britain chose to leave the European Union for good. There has been quite an uproar about the impacts and consequences of such a decision by Britain. Nevertheless, the Cook Islands have commemorated this event by issuing three silver and gold coins to the public. The Cook Islands along with a private issuer with the name of Coin Invest Trust carried out this program of issuing gold coins.
About the coins
The coins issued by the Lichtenstein-based company consists of a .999 fine silver dollar, a .999 fine gold $5 coin, and a .9999 fine gold $20 coin. All the coins have an outline of the United Kingdom and the Union Jack flag opposite Western Europe on the right. The Union Flag has been selectively colorized incorporating the colors of the Union Jack. The issue date of “June 23,2016” has also been engraved on all the coins along the rim to the left which has been finished with a curved arrow pointing in a clockwise direction. All the three coins have an Ian Rank-Broadley Effigy of Queen Elizabeth II. The silver dollar has been weighed at 3 grams measuring 26 millimeters in diameter with a mintage limit of 2016 pieces. The gold dollars, on the other hand, weigh a mere 0.5 gram measuring 11 millimeters in diameter with a mintage limit of 10,000 pieces. The $20 gold coin weighed 3.1 grams, measuring 26 millimeters in diameter with a mintage limit of 2016 pieces. All the coins have been released in proof quality and have been spotted at various dealers around the country.
Impact of Brexit
Britain’s exit from the European Union has instilled a fear among people who have been stockpiling gold and bullion coins in their safe. David Cameron in his statement at the House of Lords had even gone to an extent of saying that Brexit was a huge risk to the country’s economy. The markets around the world saw a significant tumble due to Brexit and put many investors at backfoot. The investment sectors have since been urging the public to not invest in gold and buy them in their physical form. As per the latest figures from the Royal Mint, the country’s official producer of gold and silver coins issued a statement in June 2016 that their sales have soared by almost 32 percent. Customers have been lining up to buy gold bars and Britannia bullion coins. Experts from the UK’s stock markets are terming gold as a popular hedge against any possible catastrophe in the near future and asking potential buyers to buy from Exchange traded funds (ETF) since buying gold via this platform is relatively cheaper than other mediums.