London (CNN) A commemorative coin produced to celebrate the UK's planned October 31 departure from the European Union is the latest high-profile government initiative to fall victim to yet another Brexit delay.

Britain's finance ministry confirmed Tuesday that unreleased 50 pence pieces (worth about 63 cents) bearing the inscription "peace, prosperity and friendship with all nations" and the date October 31, 2019, will be "recycled" after the EU exit deadline was delayed to January 31, 2020.

According to the Royal Mint's website, recycled coins are shredded and melted in large furnaces before being solidified for future use.

Weighing eight grams with a standard diameter of 27.3 millimeters, the special coins were first proposed by former Chancellor Philip Hammond, who planned a limited edition of around 10,000 coins that would be sold to collectors, according to the UK's PA news agency.

This month, British newspaper The Telegraph reported that 3 million coins bearing the date would be minted by the end of October, and a further 7 million were slated for production, as ordered by Treasury chief Sajid Javid.

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