Wales so closed in 1908; since then, although banks in Scotland and Northern Ireland continue to have the right to issue banknotes in their own countries, the Bank of England has a monopoly on the issue of banknotes in Wales. The Commercial Bank of Wales, established in Cardiff by Sir Julian Hodge in 1971, was taken over by the Bank of Scotland in 1988 and absorbed into its parent company in 2002. The Royal Mint, who issue the coinage circulated through the whole of the UK, have been based at a single site in Llantrisant since 1980. Since decimalisation, in 1971,
Royal Mint Exchequer George Osborne announced a £20 billion privatisation drive to raise funds with the "Royal Mint" being up for sale alongside other institutions including the Met Office and Companies House. With its new found financial freedom the Mint begun diversifying their product range through expanding to offer items outside their usual coin-related merchandise. By the early 2000s the Mint was selling different types of jewellery, commemorative plates and figurines, eventually creating its own "Royal Mint Classics" range of collectable goods. This part of the business proved popular in attracting new customers however suffered from poor product development. Example of its