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 (new) pence. 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. In addition to the circulating coinage, the UK also mints commemorative decimal coins (crowns) in the denomination of five pounds. Ceremonial Maundy money and bullion coinage of gold sovereigns, half sovereigns, and gold and silver Britannia coins are also produced. Some territories outside the United Kingdom, which use the pound sterling, produce their own coinage, with the same denominations and specifications as the UK coinage but with local designs. Currently circulating coinage The current decimal coins consist of: one penny and two pence in copper-plated steel five pence and ten pence in nickel-plated steel equilateral curve heptagonal twenty pence and fifty pence in cupronickel bimetallic one pound and two pounds. All circulating coins have an effigy of one of two monarchs on the obverse; various national, regional and commemorative designs on the reverse; and the denomination in numbers or words. Elizabeth II The obverse carries an abbreviated Latin inscription whose full form, , translates to "Elizabeth II, by the grace of God, Queen and Defender of the Faith". The denomination is usually on the reverse. Charles III The obverse carries an abbreviated, anglicised Latin inscription whose full form, , translates to "Charles III, by the grace of God, King and Defender of the Faith". The denomination may be on either side. Production and distribution All genuine UK coins are produced by the Royal Mint. The same coinage is used across the United Kingdom: unlike banknotes, local issues of coins are not produced for different parts of the UK. The pound coin until 2016 was produced in regional designs, but these circulate equally in all parts of the UK (see UK designs, below). Every year, newly minted coins are checked for size, weight, and composition at a Trial of the Pyx. Essentially the same procedure has been used since the 13th century. Assaying is now done by the Worshipful Company of Goldsmiths on behalf of HM Treasury.