The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling (symbol "£", commercial GBP), and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence (shown on coins as "new pence" until 1981). Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.
British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the coins' designs; however they also have to be accepted by the reigning monarch.
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