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2006 was 150th Anniversary of the institution of the Victoria Cross and this is one of the two fifty pence coins celebrating the fact.
The reverse, by Claire Aldridge, shows the obverse and reverse of a Victoria Cross with the date "29 JAN 1856" in the centre of the reverse of the Cross, with letters VC to the right.
Obverse is the portrait of Queen Elizabeth II by Ian Rank-Broadley.