What Is a Quid?

What Is a Quid?

Let me tell you directly: a quid is just another name for the British pound sterling, or GBP, and it breaks down to 100 pence in the UK's money system. This currency has been around for over 12 centuries, making it the oldest one still in use today. People think the nickname 'quid' comes from the Latin 'quid pro quo,' meaning 'something for something' – it's a straightforward exchange idea that fits money perfectly.

Origins of the Term Quid

The word 'quid' popped up in the late 17th century, but no one knows exactly why it stuck to the British pound. Some experts point to Italian immigrants who might have borrowed it from 'scudo,' which was a type of gold and silver coin used in Italy from the 16th to 19th centuries. Another theory ties it to Quidhampton, a village in Wiltshire, England, where there was a Royal Mint paper mill – maybe paper money from there got called a quid. Regardless, the pound sterling itself has a deep history as the world's oldest currency still going strong.

History of the British Pound Sterling

Historians date the pound sterling back to 775 A.D., when Anglo-Saxon kings used silver pennies called sterlings. You'd need 240 of them to make one pound, which is how 'pound sterling' got its name. The Latin 'Libra Pondo' means 'pound weight,' explaining the £ symbol. The first single-pound coin, or sovereign, came out in 1489 under King Henry VII. This currency wasn't just for the UK; it was used in British colonies like Australia, New Zealand, and Canada too.

For nearly 1,200 years until 1971, 240 pence made a pound, but then Parliament switched to decimalization, setting 100 pence to one pound. Today, even though we call it 'sterling,' there's no silver in the coins or bills anymore.

Timeline of U.K. Banknotes and Coins

Let's walk through this timeline directly. In 1504, shillings were minted – 12 pence per shilling, 20 shillings per pound. Gold coin minting started in 1560. By 1694, under King William III, the Bank of England issued the first banknotes, starting with a 10-pound note, but inflation led to five-pound notes too. In 1717, Europe shifted from silver to gold standard, making 'pound sterling' somewhat outdated in meaning.

From 775 to 1971, there were all sorts of coins like pennies, halfpennies, farthings, half-crowns, and double florins that don't circulate now. As of 2023, the UK uses eight coins and four notes: 1 penny, 2, 5, 10, 20, 50 pence coins, £1 and £2 coins, and £5, £10, £20, £50 notes.

Quid and Famous Phrases/Idioms

You already know quid means the pound, but it's woven into language with idioms. 'Quid pro quo' is that Latin exchange we mentioned – like funding for profits in a deal. 'Not worth a quid' means something's worthless, not even valued at a pound. 'Quids in' is when you're profiting, say from a smart house sale. And 'in for a penny, in for a pound' (or quid) means once you're in, commit fully, especially in risks or investments.

Frequently Asked Questions

How many pounds is a quid? It's exactly £1, or one pound sterling. What's quid vs. a pound? Quid is just slang for the pound sterling, like 'buck' for a dollar in the US. How does a quid compare to the euro? As of June 2024, it's about €1.19, but check current rates since they change. Are there coins or notes labeled 'quid'? No, they're marked in pounds like £1 or £5; quid is purely slang.

The Bottom Line

To wrap this up, the British pound sterling is the oldest currency still in use, often called a quid in slang, where one quid equals £1 or one pound.