“Quid” is a well-known slang term for the British pound sterling, the official currency of the United Kingdom (U.K.). A quid equals 100 pence and is considered part of everyday British vernacular. The nickname might trace its roots back to the Latin phrase “quid pro quo,” meaning “something for something.” Here’s a deeper look at the quid and its journey.
Key Highlights
- Quid is a common slang term for the British pound sterling (GBP), the currency of the U.K.
- A single quid amounts to 100 pence.
- The term “quid” dates back to the late 17th century.
- In modern times, the pound sterling, comprising no silver, retains its historical association with the term “sterling.”
Origins of the Term Quid
The first use of the word “quid” dates back to the late 17th century, although its exact connection to British currency is unclear. Some suggest that Italian immigrants might have borrowed the term from “scudo,” the name for gold and silver coins used in Italy from the 16th to 19th centuries.
Another plausible theory links the term to the village of Quidhampton in Wiltshire, England, which officially had a Royal Mint paper mill. Paper currency produced there might have been colloquially referred to as a quid. The British pound sterling itself boasts over 12 centuries of rich history, making it the oldest currency still in circulation.
Historical Journey of the British Pound Sterling
Tracing its origins back to 775 A.D., the pound sterling has a notable history. Originally, Anglo-Saxon kings minted silver pennies called sterlings. A collection of 240 sterlings equaled one pound sterling. Reflecting this, the British pound symbol evolved from the Latin word “Libra,” meaning weight, with the symbol “£” that represents Libra Pondo or pound weight.
In 1489, King Henry VII introduced a single-pound coin known as a sovereign. The British pound was also adopted in various colonies of the British Empire, like Australia, New Zealand, and Canada. The U.K. includes England, Northern Ireland, Scotland, and Wales.
Significantly, in 1971, the British Parliament adopted decimalization, standardizing 100 pence to one pound sterling, concluding the longstanding tradition of 240 pence to one pound.
Important Milestones in U.K. Banknotes and Coins
- 1504: Shillings were minted, comprising 12 pence per shilling and 20 shillings per pound.
- 1560: The minting of gold coins commenced.
- 1694: During King William III’s rule, the Bank of England began issuing banknotes, prominently featuring a £10 note. Afterward, severe inflation led to the introduction of £5 notes.
- 1717: The term “pound sterling” became less relevant as the financial benchmark shifted from silver to gold.
Throughout history, British coinage has included numerous now-rare denominations like halfpennies, farthings, and double-florins. Today, the British currency includes eight coins and four banknotes:
- Coins: Pennies (1 pence), Pence (2, 5, 10, 20, and 50), and £ coins (1 and 2 pounds).
- Notes: £5, £10, £20, and £50 banknotes.
Popular Slang Terms for the British Pound
Besides quid, other common slang terms for a pound include ‘smacker,’ ‘fiver’ (for a £5 note), ’tenner’ (for a £10 note), and ‘dosh.’
Quid vs. Pound Explained
A quid equals £1 or one pound sterling. Essentially, ‘quid’ is synonymous with ‘pound,’ much like how ‘dollar’ signifies the currency in the United States.
Key Takeaway
The British pound sterling (GBP) holds the prestigious title of the world’s oldest currency still in use today. Often affectionately referred to as a quid, one quid equates to £1 or one pound sterling, encapsulating both the historic and current value of this enduring currency.
Related Terms: pound sterling, quids, GBP, British money, currency evolution.
References
- World Economic Forum. “A Short History of the British Pound”.
- BBC. “A short history of the pound”.
- Government of the Netherlands. “Which Countries Make Up the United Kingdom?”
- World Economic Forum. “A Short History of the Britich Pound”.
- The Royal Mint. “UK’s Circulating Coin Mintage Figures”.
- Bank of England. “Current Banknotes”.
