Its official title is Presidency of the Council of European Community Ministers and resembled the start of the Single European Market

A rare 50p coin has sold for an incredible ￡2,500 - 70 times its original face value.

The coin, which was minted in 1992 to mark the UK presidency of the European Community, was sold on eBay by a seller from Telford, Shropshire.

The seller also charged the buyer ￡2.70 for postage.

The coin is part of a set of commemorative coins which were released by The Royal Mint to mark the presidency and the launch of the Single European Market, which allowed the freedom of movement for goods and people across member states.

A spokesperson for The Britannia Coin Company of Royal Wootton Bassett said: "During the Council meeting, the minister from the country holding the presidency chairs the session, and has a beneficial degree of power to decide itineraries and media output.

"This presidency is rotated between the member states of the EU every six months.

"During the second half of 1992, this post was held by the United Kingdom. At the start of 1993, the Single European Market came into effect, allowing the freedom of movement for goods and people across member states.

"In honour of these two milestones, as well as twenty years since the UK’s entrance into the EEC, The Royal Mint released a commemorative silver proof, Fifty Pence.

"This coin’s reverse was designed by Mary Milner Dickens and featured a conference table and twelve chairs for each of the Ministers."

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