Posts Tagged ‘london olympics’

Hosting the 2012 Olympic Games cost the British government an estimated £9.3 billion. While this may seem like an exorbitant amount, history has shown that hosting the Olympics can not only be a matter of prestige for a city, but also stimulate local economies and boost tourism, thus providing long term economic benefits.

British Olympic medal’s impact on cash reserves

The 2012 London Olympics have provided much needed cash reserves to the beleaguered British economy, which announced earlier in July that GDP output fell by 0.7 percent in the second quarter of the year. The games have been very successful, thanks in part to the British team’s exceptional performance.
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The Royal Mint highlights the celebration of London Olympics 2012 by releasing an edition of the 50 pence coin, with the football’s offside rule explained on the back side.

The designer Neil Wolfson says “If I had 50p for every time someone asked what the offside rule was, then I would be very rich.”

In United Kingdom there were an estimated 28 million coins circulating as of 30 March 2010.

The fifty pence (50p) coin was first introduced in year 1969, replacing the old ten shilling note. However, in the 1990s the size of the 5p, 10p and 50p coins were reduced. Therefore the oldest 50p coins in circulation are from 1997.

The Royal Mint is the body with permission to mint (manufacture) coins in the United Kingdom. Since 2009 the Royal Mint operates as a company through Royal Mint Ltd, with an exclusive contract with HM Treasury to supply all coinage for the UK. The Royal Mint Limited is 100% owned by HM Treasury (more known as just ‘The Treasury’).