What is ‘Quid’
The pound sterling, sometimes known as the British pound, is the currency of the United Kingdom, and the quid is a slang name for it. Quids are 100 pence, and it is said to have originated from the Latin term “quid pro quo,” which literally means “something for something,” or an equal exchange of goods and services in a fair trade. While the specific origin of the word as it refers to the British money is unknown, the meaning of the word is.
Explaining ‘Quid’
The term “quid,” which refers to one pound sterling, first first in usage somewhere in the 1680s, although no one is certain as to why this word has become synonymous with British currency. Due to the name “scudo,” which was given to a number of coins used in Italy throughout the 1800s, it is possible that Italian immigrants coined the term.
Quidhampton, a hamlet in the English county of Wiltshire, used to be home to a Royal Mint paper mill. Almost any paper money that originated from this mill may have been referred to be a quid. Despite the fact that the origin of the term “quid” is a mystery, the pound sterling has a long and illustrious history dating back more than 12 centuries, making it the world’s oldest currency currently in use.
The Pound Sterling in History
Anglo-Saxon rulers used silver pennies, known as “sterlings,” as currency as early as 775 A.D., according to historians, and the pound sterling was born. Someone who accumulated 240 of them had one pound of sterlings, which is how the term “pound sterling” came to be. It took approximately 1,200 years for the norm of 240 pence in 1 pound sterling to be maintained, and that was until 1971. This was the year in which Parliament enacted decimalization, which made 100 pence equivalent to one pound sterling.
Banknotes
English banknotes were first issued under the reign of King William III in 1694, following the establishment of the Bank of England. The most common currency at the period was a ten-pound note, but rampant inflation forced the monarchy to produce five-pound bills in response. When Europe switched from a silver standard to a gold standard in 1717, the term “pound sterling” became almost obsolete. This continued until the early 1900s, when the term was officially retired. The modern pound sterling, whether in the form of coins or banknotes, has no silver at all.
Quid FAQ
Why is the pound called a quid?
The term 'pound' derives from the Latin word 'Libra,' which refers to the coinage of ancient Rome. Quid is derived from the Latin phrase 'quid pro quo,' which literally translates as 'anything for something.' Another slang name for the pound is 'sterling,' while the phrase 'quid' has a number of slang synonyms for money, including 'grand' and other meanings.
Is quid proper English?
No, quid is informal British English for one pound sterling.
What is a quid and a Bob?
The pound and the shilling were referred to as 'quid' and 'bob,' respectively. (The plural form of the word 'penny' is 'pence.') Quid and bob are both used in the single and plural forms of speech.) A pound was equivalent to 20 shillings, and a shilling was equal to 12 pence during the time.
What are cents in England?
Since the decimalization of the pound in 1971, the pound has been divided into 100 pence (p). The pound (which is divided into 100 pence (p) in the same way that the dollar is divided into 100 cents. The single form of the word penny is 'penny.' Because the penny is represented by the letter 'p,' a sum such as 50p is sometimes referred to as 'fifty pee' rather than 'fifty pence.'
Further Reading
- Quid pro quo: Builders, politicians, and election finance in India – papers.ssrn.com [PDF]
- Quid pro quo? corporate returns to campaign contributions – www.journals.uchicago.edu [PDF]
- The economics of campaign funds – link.springer.com [PDF]
- Quid pro quo in IPOs: Why book-building is dominating auctions – papers.ssrn.com [PDF]
- Quid-pro-quo exchanges of outside director defined benefit pension plans for equity-based compensation – lib.dr.iastate.edu [PDF]
