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 million. Coin minting and production gradually shifted to the new site over the next seven years until the last coin, a gold sovereign, was struck in London in November 1975. In an attempt to consolidate all previous coin-related acts, the "Coinage Act of 1971" was passed, which among other things effectively abolished the individual role of Master of the Mint. Under this act, the Chancellor of the Exchequer took over the role, with a Deputy Master being appointed by the Treasury to exercise all the powers and duties of the Master within the mint. After moving to Wales, the mint