Who Uses Quid? A List of Countries and Territories

“Quid” is a widely recognized informal term for the British Pound Sterling (GBP). This slang word functions similarly to how “bucks” refers to dollars in the United States, providing a casual alternative to the official currency name. The British Pound Sterling is a major global currency, holding a significant position in international finance. It is notably the world’s oldest currency in continuous use and consistently ranks among the most traded currencies in the foreign exchange market. Its stability and historical depth contribute to its enduring relevance in the modern global economy.

The United Kingdom

The British Pound Sterling (GBP) is the official currency throughout the United Kingdom, encompassing England, Scotland, Wales, and Northern Ireland. The pound is divided into 100 pence, with various denominations of banknotes and coins in circulation. This consistent currency usage facilitates economic activity and transactions across the whole of the UK.

The Bank of England issues banknotes for circulation primarily in England and Wales. These banknotes feature specific designs and security features, representing the standard form of the British Pound Sterling. The Bank of England’s role ensures the stability and integrity of the currency within these regions.

Beyond the Bank of England’s issuance, commercial banks in Scotland and Northern Ireland also issue their own distinct banknotes. For instance, in Scotland, banks like the Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank produce notes, while in Northern Ireland, banks such as Danske Bank, Bank of Ireland, and Ulster Bank issue their own versions. These regional banknotes showcase unique designs reflecting local heritage and institutions.

Despite their varied appearances and issuing authorities, all banknotes issued by Scottish and Northern Irish banks are equivalent in value to the notes issued by the Bank of England. They are fully convertible at par. These notes are considered legal tender or are widely accepted for transactions across the United Kingdom, ensuring seamless financial interactions regardless of the specific banknote design. This system allows for regional identity while maintaining a single, unified currency.

The Crown Dependencies

The Crown Dependencies, including Jersey, Guernsey, and the Isle of Man, are self-governing territories with unique constitutional relationships to the British Crown. They are not formally part of the United Kingdom but maintain close ties. Each dependency issues its own distinct currency, such as the Jersey Pound, Guernsey Pound, and Manx Pound, respectively. These local currencies serve as the primary medium of exchange.

The currencies issued by the Crown Dependencies are pegged at par with the British Pound Sterling. This fixed exchange rate means that these local pounds hold the same value as the GBP. This parity ensures financial stability and simplifies transactions between the dependencies and the United Kingdom.

While these dependencies have their own banknotes and coins, British Pound Sterling notes also circulate and are accepted alongside the local issues. This intercirculation means that the informal term “quid” is commonly used and understood in these territories, effectively referring to their local pounds due to the direct peg to GBP. This arrangement provides both local monetary autonomy and integration with the broader sterling area.

British Overseas Territories

Several British Overseas Territories also utilize currencies that are either directly the British Pound Sterling or are locally issued currencies pegged at par to the GBP. These territories maintain a direct financial link to the UK. This monetary alignment simplifies trade and financial dealings with the United Kingdom and other international partners.

For example, territories such as Gibraltar issue their own currency, the Gibraltar Pound, which is pegged at par with the British Pound Sterling. Similarly, the Falkland Islands issue the Falkland Islands Pound, and Saint Helena, Ascension and Tristan da Cunha issue the Saint Helena Pound, both also pegged at par to GBP. While these currencies have their unique designs and local issuing authorities, “quid” is an applicable term in common usage.

Some British Overseas Territories directly use the British Pound Sterling as their official currency. Examples include the British Antarctic Territory and South Georgia and the South Sandwich Islands. This direct adoption simplifies financial operations and integration with the UK’s monetary system.