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 mint were ceremoniously delivered to the Constable of the Tower. Facing the front of the site stood the Johnson Smirke Building whose namesake comes from its designer James Johnson and builder Robert Smirke. This building was flanked on both sides by gatehouses behind which another building housed the mint's new machinery. A number of other smaller buildings were also erected which housed mint officers and staff members. The entire site was protected by a boundary wall which was patrolled by the Royal Mint's military guard. By 1856, the mint was beginning to prove inefficient, suffering from irregularities in minted coins'