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The Treasury has confirmed that thousands of commemorative Brexit coins will be "recycled" after the EU granted a three-month extension.

Hours after Boris Johnson accepted the EU's offer of a Brexit delay, a spokesman for the Treasury confirmed to the Standard that the coins would be recycled.

It follows reports that the specially minted coins marking the now-extended October 31 deadline would become instant collectors items as the Prime Minister failed to deliver his promise of a Halloween Brexit.

A spokesperson for the Treasury confirmed to the Standard on Monday: "The coins are being recycled."

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

Earlier this year, Chancellor Sajid Javid announced plans for millions of coins engraved with the date Mr Johnson pledged to leave the bloc.

However, production was paused last week when it became clear there would be a delay when MPs thwarted Mr Johnson's chances of fast-tracking his deal through Parliament.

On Monday, Mr Johnson accepted the EU’s offer of a three-month extension to January 31, although he said the delay is an "unwanted prolongation of the UK's membership of the EU".

The decision was then made to melt down the coins rather than release them to the general public.

The coins were due to be emblazoned with the words "peace, prosperity and friendship with all nations” and were due to be ready to be spent by the end of the month.

The Royal Mint regularly issues special coins to mark national moments. Twenty-two 50p coins have been released since 2010 and coins were minted in honour of the 2012 London Olympics.

This coin was due to join other EU-related coinage in the public purse, including one which was made when the UK joined the European Economic Community in 1973 and another that was cast when the nation hosted the EU Council in 1998.

The rarest 50p coin in circulation is one depicting the Kew Royal Botanical Gardens which sold for £175,000 on eBay.