The Royal Mint is a government-owned mint that produces coins for the United Kingdom. Operating under the name Royal Mint Ltd, the mint is a limited company owned by His Majesty's Treasury and is under an exclusive contract to supply all of the nation's coins. In addition to minting circulating coins for domestic and international use, the mint also produces platelets, commemorative coins, various types of medals and precious metal bullion. The mint exports to an average of 60 countries per year, accounting for 70% of its total sales. Formed more than 1,100 years ago, it was historically part of a series of mints that were centralized to produce coins for the Kingdom of England, all of Great Britain and, eventually, most of the British Empire. The original London mint, of which Royal Mint is the successor, was established in 886 and operated within the Tower of London for approximately 800 years before moving to what is now called Royal Mint Court, where it remained until the 1960s. As Britain followed the rest of the world in decimalizing its currency, the Mint moved from London to a new 38-acre (15 ha) facility in Llantrisant, Wales. Where it has remained ever since.