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 Exchequer George Osborne announced a £20 billion privatisation drive to raise funds with the "Royal Mint" being up for sale alongside other institutions including the Met Office and Companies House. With its new found financial freedom the Mint begun diversifying their product range through expanding to offer items outside their usual coin-related merchandise. By the early 2000s the Mint was selling different types of jewellery, commemorative plates and figurines, eventually creating its own "Royal Mint Classics" range of collectable goods. This part of the business proved popular in attracting new customers however suffered from poor product development. Example of its