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For more on marking an answer as the "Best Answer", please visit our FAQ.OK - The lady on the coin (not the queen) is Britain.
explaination: Britian was known to the Romans as Britain or Britannia and the term Britannia came to be passed as a tile given to some Roman bloke who won a battle around 2000 years ago. The title got passed down and down until it was passed on to Hadrian (Hadrian�s wall guy) Hadrian ended up personifying the name �Britannia� in the form of a female figure (so the woman, as on the 50p piece, is actually Britain expressed as a human being) She is usually shown seated on a rock, holding a spear, and with a spiked shield propped beside her.
Sometimes she is shown holding a standard, and leaning on the shield. On other coins, she is shown seated on a globe above waves, presumably signifying the Roman idea of Britain as being at the edge of the known world. The version on the latest 50p was designed by a guy called Christopher Ironside.
Hope this clears things up for you!
if you really are interested in this, you can get a much more detailed overview of the whole thing (yes, all 2000 years of it) at the following link...