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 to the Royal Mint opening satellite branches of itself overseas. In Australia, the local Legislative Council petitioned the UK government to establish a branch of the Royal Mint in Sydney (Sydney Mint) after prospector Edward Hargraves discovered gold in Ophir, New South Wales in 1851. The petitioned gain royal assent in 1853 and plans were made by the Deputy Master of the Royal Mint in London to open the Royal Mint's first overseas branch within the colony. The Royal Mint's Superintendent of Coining travelled to Australia to oversee its establishment on Macquarie Street within the southern wing of Sydney Hospital