Annual report for the year ended 31 March 1995 the Royal Mint has a long and distinguished history. It has produced domestic coinage for over 1000 years and for the past seventy years has also maintained a thriving export business. For much of this period the Mint was located in, and later opposite, the tower of London. The introduction of decimal coinage in the United Kingdom and the increase in export business, however, necessitated expansion, and a new mint was constructed at Llantrisant in South Wales, leaving only a small office in London. The first coins were struck at the new mint in 1968. As well as producing ordinary circulating coins and coinage blanks for approximately 100 countries, the Royal Mint manufactures special proof and uncirculated quality coins in gold, silver and base metals; military and civilian decorations and medals; tokens; commemorative medals for governments, learned societies and private companies; and royal and official seals. A very high reputation for quality and delivery has been built up over the years. On 1 April 1975 the Mint was established as a Government Trading Fund, operationally very similar to a government-owned company, since when it has consistently achieved a high level of profitability. For many years over half its sales have gone overseas and, in recognition, the Queen's award for export achievement has been awarded on four occasions. On 1 April 1990 the Mint became an executive agency. This change provides the Mint with greater management freedom to develop its thriving business further. The accounts of the Royal Mint Trading Fund as at 31 March 1995 together with the report of the comptroller and auditor general thereon at pages 19-28 are prepared pursuant to section 4(6) of the Government Trading Funds Act 1973. (In continuation of House of Commons paper no 468 of 1993-94.) [electronic resource].