What Is a Quid?

"Quid" is a slang expression for the British pound sterling, or the British pound (GBP), the currency of the United Kingdom (U.K.). A quid equals 100 pence, and the nickname may stem from the Latin phrase “quid pro quo,” which translates as "something for something."

Origins of the Term Quid

The term "quid" began sometime in the late 17^th century, but the link with the British currency is unclear. Some scholars believe that Italian immigrants extracted the term from "scudo," the name for gold and silver coins of various denominations used in Italy from the 16^th century through the 19^th century.

The word origin may trace back to Quidhampton, a village in Wiltshire, England, once home to a Royal Mint paper mill. Any paper money made in this mill might have been called a quid. The pound sterling has a rich history of more than 12 centuries as the world's oldest currency still in use.

History of the British Pound Sterling

Historians trace the pound sterling back to 775 A.D., when Anglo-Saxon kings used silver pennies, called sterlings, as currency. A collection of 240 equaled 1 pound of sterlings, hence the name "pound sterling.” In Latin, Libra means " weight," and Libra Pondo translates to pound weight, which is why the British pound bears a fancy "L" or £ symbol.

The use of a single-pound coin, or sovereign, began in 1489 under King Henry VII. In addition to the United Kingdom, the British pound has served as currency in many colonies of the British Empire, including Australia, New Zealand, and Canada.

Two hundred forty pence in one pound sterling remained the standard for nearly 1,200 years until 1971 when the British Parliament instituted decimalization to make 100 pence equal to one pound sterling.

Timeline of U.K. Banknotes and Coins

• In 1504: Shillings were minted with 12 pence in 1 shilling and 20 shillings in one pound
• In 1560: Gold coin minting began
• In 1694: English banknotes were created during the rule of King William III after he started the Bank of England. The main bill in use during that time was a 10-pound note. However, a lengthy period of severe inflation or rising prices forced the monarchy to issue five-pound notes.
• In 1717: the term "pound sterling" became obsolete when Europe moved from a silver standard to a gold standard.

From 775 to 1971, British coins were made into many denominations no longer circulating, including pennies, halfpennies, farthings, half-crowns, and double-florins. In 2023, the U.K.. has eight coins and four notes circulating:

• Penny in denominations of 1
• Pence in denominations of 2, 5, 10, 20, and 50
• £ coin in denominations of 1 and 2
• £ note in denominations of 5, 10, 20, and 50

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