What Is a British Quid vs. a Pound Sterling?

The British monetary system often features a common slang term, “quid.” This informal expression refers to the official currency of the United Kingdom. Understanding the relationship between “quid” and the formal currency is important for comprehending everyday financial discussions in the UK.

Understanding “Quid”

“Quid” is an informal, slang term used to refer to the British pound sterling. It functions similarly to how “buck” is used in the United States to refer to a dollar. The term “quid” is not an official unit of currency and does not appear on banknotes or coins. It has been in use since the late 17th century, though its exact origin remains uncertain.

One widely accepted theory suggests “quid” may derive from the Latin phrase “quid pro quo,” meaning “something for something,” which implies an exchange of value. Another theory links its origin to “scudo,” a historical Italian currency, possibly introduced by Italian immigrants. There is also speculation that the term could relate to Quidhampton, a village in Wiltshire, England, where a Royal Mint paper mill was once located, suggesting that paper money produced there might have been called “quids.”

Regardless of its precise etymology, “quid” is always used in the singular form, even when referring to multiple pounds; for instance, one would say “ten quid” rather than “ten quids.”

The Official British Currency

The official currency of the United Kingdom is the pound sterling, often simply called the pound. Its international currency code is GBP, and its symbol is £. The pound sterling is one of the world’s oldest currencies still in continuous use.

Since decimalization on February 15, 1971, the pound has been divided into 100 pence. The singular form of pence is “penny,” and the symbol for a penny is “p.” Common denominations of banknotes include £5, £10, £20, and £50. Circulating coins come in denominations of 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2.

Everyday Use of “Quid”

In everyday conversation within the UK, “quid” is commonly used as a casual substitute for “pound” or “pounds.” For example, someone might say, “That concert ticket cost me fifty quid,” or “Can you lend me a quid until payday?”

The official term “pound” is used in more formal contexts, such as financial reports, legal documents, or official announcements. The interchangeability in informal speech highlights “quid’s” deep integration into the vernacular.