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 mint was at the discretion of engravers who could undertake the work independently and receive and additional wage. A Royal patent which was issued in 1669 granted the mint the sole right to produce medals of any metal which bore a portrait of a monarch. Engravers would use the facilities at the mint to make commemorative medals to their own design for sale. A key date in the mint's history of producing medals for the military is 1815 when the Battle of Waterloo marked the beginning of awarding military campaign medals. By 1874 the mint was responsible for making all