Coins of the pound sterling Coins of the pound sterling The standard circulating coinage of the United Kingdom is denominated in pounds sterling (symbol "£"), and, since the introduction of the two-pound coin in 1994 (to celebrate the 300th anniversary of the Bank of England 1694–1994), ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. From the 16th century until decimalisation, the pound was divided into 20 shillings, each of 12 (old) pence. British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the
Royal Mint modern production methods, it is unlikely that coins would not conform, although this has been a problem in the past as it would have been tempting for the Master of the Mint to steal precious metals. The term "Pyx" refers to the boxwood chest (in Greek, πυξίς, "pyxis") in which coins were placed for presentation to the jury. There is also a Pyx Chapel (or Pyx Chamber) in Westminster Abbey, which was once used for secure storage of the Pyx and related articles. Coins to be tested are drawn from the regular production of The Royal Mint. The Deputy Master