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 was worth just 13.5d compared to an English mark which was worth 6s 8d. To bridge the difference between the values, unofficial supplementary token coins, often made from lead were made by unauthorised minters across the country. By 1612 there were 3,000 such unlicensed mints producing these tokens, none of whom paying anything towards the crown. "The Royal Mint", not wanting to divert manpower away from minting more profitable gold and silver, hired outside agent Lord Harington who under licence started issuing copper farthings in 1613. Private licenses to mint these coins were revoked in 1644 which led traders to