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Quid

Quid

What is 'Quid'

Quid is a slang term for the pound sterling, or the British pound, the currency of the United Kingdom. A quid is equivalent to 100 pence, and it is thought to come from the Latin phrase "quid pro quo" meaning "something for something," or an equal exchange for goods or services. However, the exact origin of the word as it pertains to the British currency is uncertain.

Explaining 'Quid'

Quid, as it describes 1 pound sterling, came into use sometime in the 1680s, but no one knows for sure why this word is synonymous with British currency. Italian immigrants may have started the word thanks to "scudo," the name for several coins used in Italy in the 1800s. Quidhampton, a village in Wiltshire, England, once housed a Royal Mint paper mill. Any paper money that came from this mill might have been called a quid. Although the origin of the word "quid" is shrouded in mystery, the pound sterling has a rich history of more than 12 centuries as the world's oldest currency still in use.

The Pound Sterling in History

Historians trace the pound sterling back to 775 A.D. when Anglo-Saxon kings used silver pennies, or "sterlings," as currency. Someone who collected 240 of them had 1 pound of sterlings, hence the name "pound sterling." The standard of 240 pence in 1 pound sterling remained steadfast for nearly 1,200 years until 1971. This is when Parliament instituted decimalization to make 100 pence equal 1 pound sterling.

Banknotes

English banknotes originated during the reign of King William III after he started the Bank of England in 1694. The main bill of the time was a 10 pound note, but then severe inflation caused the monarchy to issue 5 pound notes. By 1717, the name "pound sterling" became nearly obsolete as European nations went to a gold standard, rather than a silver standard, until the early 1900s. Contemporary pound sterling, whether in coins or bills, has no silver whatsoever.


Further Reading

Quid pro quo: Builders, politicians, and election finance in IndiaQuid pro quo: Builders, politicians, and election finance in India
papers.ssrn.com [PDF]
… electoral cycle in the activity of builders which is consistent with this alleged quid pro quo … Construction activity will therefore temporarily decline as money exits the sector to finance elections … There is a large literature in economics on the regulation of entry, summarized nicely …

Quid pro quo? corporate returns to campaign contributionsQuid pro quo? corporate returns to campaign contributions
www.journals.uchicago.edu [PDF]
… electoral cycle in the activity of builders which is consistent with this alleged quid pro quo … Construction activity will therefore temporarily decline as money exits the sector to finance elections … There is a large literature in economics on the regulation of entry, summarized nicely …

The economics of campaign fundsThe economics of campaign funds
link.springer.com [PDF]
… electoral cycle in the activity of builders which is consistent with this alleged quid pro quo … Construction activity will therefore temporarily decline as money exits the sector to finance elections … There is a large literature in economics on the regulation of entry, summarized nicely …

Quid pro quo in IPOs: Why book-building is dominating auctionsQuid pro quo in IPOs: Why book-building is dominating auctions
papers.ssrn.com [PDF]
… electoral cycle in the activity of builders which is consistent with this alleged quid pro quo … Construction activity will therefore temporarily decline as money exits the sector to finance elections … There is a large literature in economics on the regulation of entry, summarized nicely …

Quid-pro-quo exchanges of outside director defined benefit pension plans for equity-based compensationQuid-pro-quo exchanges of outside director defined benefit pension plans for equity-based compensation
lib.dr.iastate.edu [PDF]
… electoral cycle in the activity of builders which is consistent with this alleged quid pro quo … Construction activity will therefore temporarily decline as money exits the sector to finance elections … There is a large literature in economics on the regulation of entry, summarized nicely …


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