Quid

What is a quid?

“Quid” is informal British slang for one pound sterling (GBP). One quid equals £1, or 100 pence under the modern decimal system. The nickname dates to the late 17th century, but its exact origin is uncertain.

Origins of the term

Several theories explain the word “quid”:
* It may derive from the Latin phrase quid pro quo (“something for something”), which was in common use.
* It could be related to the Italian “scudo,” a historical coin name used by immigrants and traders.
* Another possibility links it to Quidhampton, a village historically associated with paper money production.

None of these explanations is definitively proven.

Brief history of the pound sterling

• Early origins: The pound sterling traces back to about 775 A.D., when Anglo-Saxon silver pennies (stearlings) were used. A “pound sterling” originally meant 240 sterling pennies by weight.
• Symbol: The £ sign comes from the Latin “libra” (weight).
• Sovereign coin: A one-pound gold sovereign was first issued in 1489.
• Banknotes: The Bank of England began issuing banknotes in 1694.
• Standards: Europe moved from silver toward a gold standard in the early 18th century; the modern pound is no longer backed by silver.
• Decimalization: In 1971 the U.K. decimalized its currency, making 100 pence equal to one pound (replacing the old system of 240 pence per pound).

Current coins and banknotes

Circulating denominations:
* Coins: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2
* Banknotes: £5, £10, £20, £50

No official coin or banknote is labeled “quid”—the term remains purely colloquial.

Quid in language and idioms

“Quid” appears in several common expressions:
* Quid pro quo — Latin for “something for something,” meaning an exchange or mutual concession.
* Not worth a quid — of very little or no value.
* Quids in — to be in a profitable or advantageous position.
* In for a penny, in for a pound (or quid) — once committed to something small, one might as well commit fully.

Other slang for pound-related amounts: “fiver” (£5), “tenner” (£10), “smacker” or “dosh” (informal terms for money).

Quick FAQs

Q: How many pounds is a quid?
A: One quid equals £1.

Q: Is “quid” an official currency name?
A: No. “Quid” is informal slang; official denominations use “pound” or the £ symbol.

Q: How does a quid compare to the euro or other currencies?
A: Exchange rates fluctuate; check a current forex source for up-to-date conversions.

Key takeaways

• A quid is slang for one pound sterling (GBP).
• The pound is one of the world’s oldest continuous currencies, with roots in the 8th century.
• The term “quid” has uncertain origins and is not used on official notes or coins.

Sources

World Economic Forum; BBC; The Royal Mint; Bank of England.