The stanard circulating coinage of the United Kingdom is denominated in pounds sterling (symbol "£"), and, since the introduction of the two pound coin in 1998, ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. For several hundred years prior to 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 coins' designs.