# What Is a Quid?

![Quid](https://www.investopedia.com/thmb/hL3VKhYUZQL9U4Gwvrrb62ZNhkI=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Quid-final-e83ce2a823fe4ae784b114ae0e017436.jpg)

*The British pound is the official currency of the United Kingdom and nine additional territories. — Investopedia / Sydney Burns*

> **Definition**
>
> Quid is an informal name that references the British pound sterling.

## What Is a Quid?

A quid represents 100 pence in the United Kingdom's monetary system. It's the [pound sterling (GBP)](https://www.investopedia.com/terms/g/gbp.asp)  
that's been in use there for more than 12 centuries and is the world's oldest currency today. The nickname "quid" is believed to stem from the Latin phrase “quid pro quo,” which translates to "something for something."

### Key Takeaways

*   A quid equals 100 pence in the U.K. monetary system.
*   The use of the quid began in the late 17 century.
*   The modern-day pound sterling is no longer comprised of silver.

## Origins of the Term Quid

The term "quid" began sometime in the late 17 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 century through the 19 century.

The word origin may be traced back to Quidhampton, a village in Wiltshire, England, once home to a Royal Mint paper mill. Any [paper money](https://www.investopedia.com/terms/p/paper_money.asp) 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.

> **Important**
>
> The modern pound sterling, whether in coins or bills, contains no silver but retains the word often associated with silver, "sterling."

## 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 one 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 "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.

> **Fast Fact**
>
> The U.K. is made up of England, Northern Ireland, Scotland, and Wales.

Two hundred forty pence in one pound sterling remained the standard for nearly 1,200 years until 1971 when the British Parliament instituted [decimalization](https://www.investopedia.com/terms/d/decimalization.asp) 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 one 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](https://www.investopedia.com/terms/b/boe.asp). The main bill in use during that time was a 10-pound note. However, a lengthy period of severe [inflation](https://www.investopedia.com/terms/i/inflation.asp) 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](https://www.investopedia.com/terms/g/goldstandard.asp).

From 775 to 1971, British coins were made into many [denominations](https://www.investopedia.com/terms/d/denomination.asp) 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

## Quid and Famous Phrases/Idioms

By this point, you know that quid is simply a slang term that refers to a specific currency. Because it has an engrained nature in language, the phrase 'quid' is used throughout literacy and has ties to several more common phrases. Some examples of these phrases include:

*   **Quid pro quo**: We've already touched on this one earlier, but this Latin phrase translates to "something for something." For example, you could say something like "The contract was a classic case of quid pro quo; she provided the funding in exchange for a share of the profits."
*   **Not worth a quid**: This means that something is of very little or no value. It implies that the item or service in question is not worth even a small amount of money; in this instance, the currency context is the pound.
*   **Quids in**: This means to be in a profitable or advantageous position. It suggests that someone has made a good deal or investment. For example, you could say something like "after selling the house at a higher price, they were quids in".
*   **In for a penny, in for a pound (or quid)**: This means that once someone has started something, especially a financial venture or risky endeavor, they should continue with it. The idea is that once you are committed to a small part, you might as well commit to the whole.  
    

## What Are Common Slang Terms for the British Pound?

Quid is the common slang term for the British pound and the word is almost never pluralized. Other terms that refer to a pound include Smacker, Fiver for the £5 note, Tenner for the £10 note, and Dosh.

## How Many Pounds Is a Quid?

A quid equals £1, or one pound sterling.

## What Is a Quid vs. a Pound?

Quid is a slang term for the pound sterling issued by the United Kingdom. The pound is the name of the currency issued by the U.K., like the "dollar" is for the currency issued by the United States.

## How Does the Value of a Quid Compare to the Euro?

The value of a quid compared to the Euro varies with exchange rates. As of June 2024, it's approximately €1.19, but checking current rates is recommended as this amount will fluctuate potentially daily.

## Are There Any Coins or Banknotes Specifically Labeled as "Quid"?

No, coins and banknotes are labeled with their denomination in pounds sterling, such as "£1," "£5," "£10," etc. The term "quid" is purely colloquial.

## The Bottom Line

The British pound sterling (GBP) is the oldest currency used today. It is often referred to by its nickname, quid. A quid equals £1, or one pound sterling.

> **Article Sources**
>
> 1.  World Economic Forum. "[A Short History of the British Pound](https://www.weforum.org/agenda/2016/06/a-short-history-of-the-british-pound/)."
>     
> 2.  BBC. "[A Short History of the Pound](https://www.bbc.com/news/uk-politics-26169070)."
>     
> 3.  Government of the Netherlands. "[Which Countries Make Up the United Kingdom?](https://www.government.nl/topics/brexit/question-and-answer/which-countries-make-up-the-united-kingdom)"
>     
> 4.  World Economic Forum. "[A Short History of the Britich Pound](https://www.weforum.org/agenda/2016/06/a-short-history-of-the-british-pound/)."
>     
> 5.  The Royal Mint. "[UK's Circulating Coin Mintage Figures](https://www.royalmint.com/corporate/circulating-coin/uk-currency/mintages/)."
>     
> 6.  Bank of England. "[Current Banknotes](https://www.bankofengland.co.uk/banknotes/current-banknotes)."