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 as part of a wartime effort. It struck sovereign from 15 Aug 1918 til 22 Apr 1919. before closing in May 1919. A sixth and final overseas mint was established in the Union of South Africa in Pretoria on 1 January 1923, producing £83,114,575 worth of sovereigns of its lifetime. As South Africa began cutting ties with Britain, the mint closed on 30 June 1941 only to be later reopened as the South African Mint. Although just six mints were officially controlled by London's Royal Mint, many more independent mints were set up to facilitate parts of the British Empire.