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 series begun being minted annually in celebration of Lunar New Year and in 2016 a series featuring The Queen's Beasts began. On occasion, the mint produces medals for government departments and under private contract for clients such as Royal societies, colleges and universities. Most notably the mint has made OBE medals as well as many military honours including the Defence Medal and the Conspicuous Gallantry Cross for the British Armed Forces. For the 2012 Summer Olympics the mint won a contract to produce 4,700 gold, silver and bronze medals for competitors. Prior to 1851, the making of medals at the