What Is a Quid?
"Quid" is a slang expression for the British pound sterling (GBP), the currency of the United Kingdom. A quid equals 100 pence, and the nickname may stem from the Latin phrase “quid pro quo,” which translates as "something for something."
Key Takeaways
- "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.
- The use of the quid began in the late 17th 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 17th 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 16th century through the 19th 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.
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 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 "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.
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 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
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.
