British Overseas Territories and Crown Dependencies will be allowed to design and mint their own versions of pound coins for the first time, HM Treasury of the United Kingdom announced on Sunday.

A new British five-pound coin (about $6.88) celebrates Prince Harry and Meghan Markle ’s upcoming wedding May 19. Besides the standard or “uncirculated” edition, which the Royal Mint’s ...

Historically, the British pound sterling has been stronger than many other currencies, including the U.S. dollar. The pound’s value was double that of the U.S. dollar as recently as 2007.