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 used to produce limited edition coins. In 2015, after nearly 50 years, the mint began producing its own line of bullion bars and coins under its revived "Royal Mint Refinery" brand. Then in 2016, the mint announced plans for Royal Mint Gold (RMG), a digital gold currency that uses blockchain to trade and invest in gold. Operated by CME Group, the technology is to be created by technology companies AlphaPoint and BitGo. The system currency which was due to launch in 2017 will be on the gold standard, whereby one RMG token equates to 1 gram of physical gold