The first £2 coins

The first base metal £2 coin was issued in the United Kingdom in 1986 to commemorate the Thirteenth Commonwealth Games which that year were held in Scotland. Commemorative £2 coins continued to be issued in single colour nickel-brass for special occasions.

The introduction of the bi-colour £2 coin

After a review of the United Kingdom coinage in 1994, it emerged that there was a requirement for a general circulation £2 coin. A consultation process took place with the vending machine industry, members of the public and special interest groups such as the RNIB and Age Concern. The consensus of opinion from the consultation favoured a bi-colour coin because it would be easily distinguishable from the other coins in circulation.

A new design was required for the reverse and it was decided to proceed by way of a competition open to members of the general public. The winning artist, Bruce Rushin, an art teacher from Norfolk, based his design on a series of concentric circles telling the story, through symbolic devices, of technological development from the Iron Age to the Industrial Revolution and from the Computer Age to the Internet.

An appropriate Edge Inscription had to be chosen before the recommended design could be submitted to the Chancellor of the Exchequer and then to the Queen for approval. The words that were eventually chosen were taken from a letter written in 1676 by Isaac Newton to his fellow scientist Robert Hooke, acknowledging the debt he owed to others, 'if I have seen further it is by standing on the shoulders of giants'

Originally the intention was to issue the £2 coin in November 1997 and millions of coins were struck with the Raphael Maklouf portrait of the Queen on the obverse in readiness for launch. Concerns, however, emerged from the vending industry prior to the issue date. Production was placed on hold whilst further tests were carried out and resumed in 1998, featuring the new portrait of the Queen by Ian Rank-Broadley on the obverse.

The £2 coin was eventually launched on 15 June 1998, when millions of both versions of the coin were released. Because of the two different portraits, however, many confusing stories have arisen. The most common misconception is that the £2 coin bearing the Raphael Maklouf portrait of the Queen in which she is wearing a necklace, was made in very modest numbers, Since millions of these coins were minted this is simply not the case.

The £2 coin is legal tender for any amount.