Guinea - how much and what currency?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

England has a long and eventful history, so it is not surprising that in this country and the monetary system has undergone numerous changes. For example, on the territory of modern England, and later the British Empire, a gold coin was used for a long time, which was called a guinea.

Since this currency is no longer used today, many are wondering "Guinea - how much is this in modern money?". The answer to this question, as well as a lot of interesting things, can be found by reading this article.

A bit of history

The first use of the guinea began in 1663, when King Charles II legalized it, making it the main gold coin. However, unofficially, it entered circulation a little earlier.

By the way, the guinea became the first coin in the history of England, which was minted not by hand, but on machine tools. By this, in its own way, it marked the beginning of a new industrial era in the history of not only England itself, but of all mankind. It was not just money, but a real symbol of the growing power of the British, who even then began to claim the role of the largest colonial power in the world, although they did not yet have imperialist ambitions in the 17th century.

In 1799, the production of guineas was suspended, as the British economy was extremely negatively affected by the war with Napoleonic France. After the victory over Bonaparte in 1813, the last edition of eighty thousand pieces was issued, and already in 1817 the guinea was replaced by a sovereign.

Description

Gold coins were most often decorated with images of any significant historical or political events. Also depicted were portraits of kings and queens who ruled the country at one time or another when the coins were minted.

In 1707, when England entered into union with Scotland, the inscription MAG BRI FR ET HIB REG appeared on the reverse of the guinea, which denoted the new title of the queen. On the obverse of the coins, as a rule, a portrait of the ruling king was depicted in profile.

There were also coins that were minted from silver. At the same time, the cost of silver means of payment in relation to gold ones was constantly changing.

In circulation were coins in denominations of half a guinea, one, two and five guineas. In the 18th century, smaller coins of a quarter and a third of a whole guinea began to be minted.

Guinea is how much?

The described currency has been used in Britain for almost two centuries, so it is very important for the history of the country. Many people are interested in the exchange rate of such a monetary unit as the guinea. How much is this pounds sterling? Due to its withdrawal from circulation, it is extremely difficult to give an unambiguous answer to this question.

Despite the fact that the pound has been the main unit of account in Great Britain since the 17th century, this country had a very complex financial system. For example, small coins were used: pence and shillings. A reasonable question arises: "How many shillings in one guinea?". The value during the period of use of the guinea could change, but even before the second half of the 20th century, any amount equal to twenty-one shillings was automatically called a guinea in England.

Guinea - how much is it in rubles?

Many people ask this question, but there is no definite answer to it. The fact is that today this coin is no longer used, therefore, it is impossible to calculate the cost of one guinea in rubles from official data on the pound to ruble exchange rate.

One of the options for calculating the price: regard the guinea as equivalent to gold. Then, depending on the weight of the coin, you can calculate the market value of the gold used to produce it. However, this option is not the most practical and reasonable.

If a person is interested in knowing the real price of a coin at modern rates, then it is best to proceed from its collection value. Many numismatists and antique lovers collect them and are willing to pay good money for a decent copy.

For example, you can look at the price of a coin of 50 guineas. How much it is in rubles is not so easy to find out, because today these coins are quite rare, and you can’t buy them in a simple antique shop. Today they are sold mainly at auctions, so the cost can be completely different. Of course, the overall appearance affects the price,antiquity, chasing, state of preservation and much more.

Sovereign and guinea

After the guinea was withdrawn from circulation at the beginning of the 19th century, a sovereign took its place. Sovereign and guinea - how much is it? You can make a simple calculation, from which it will become clear how one coin differs from another.

In one pound - 20 shillings, and in a guinea, as mentioned above, 21 shillings, that is, a guinea is 1 shilling more than a pound. A sovereign contains one pound and ten shillings, making 30 shillings. The result is 30 shillings in a sovereign and 21 shillings in a guinea. However, these calculations are inaccurate, since the value of a guinea has constantly changed over time in accordance with changes in the price of gold.

The need to replace the guinea with the sovereign was due to several factors, so this decision was forced and balanced.

Interesting facts

The name "guinea" comes from the name of the British colony of Guinea, located in West Africa. It was from this colony that gold was brought from which the first coins were minted. Later, West Africa was divided into several colonies, some of which have retained their name of Guinea until today, when they already gained independence.

Even after the coin was withdrawn from circulation, the guinea continued to be called any amount of 21 shillings. This made it possible to simplify the calculation system, solving many financial problems. Today, the guinea is not used even in calculations, but it is still remembered and valued as simpleresidents of the UK, and in the government of the country. Museums and numismatists who have guineas in their collections are very proud of this.

For the 350th anniversary of the guinea in 2013, a sculptor named Anthony Smith came up with a new design for the guinea. The edge of the commemorative coin bears the inscription WHAT IS GUINEA? THIS IS SPLENDID THING, which in translation means: "What is a guinea? This is a magnificent thing." The British honor and value their history and traditions, so even to a coin that has not been used for almost 200 years, they have a very reverent attitude.

350th Anniversary Commemorative Coin

It was already mentioned above that a commemorative coin was issued for the anniversary of the guinea. It has a diameter of 28.5 mm and its weight is approximately 12 grams. Of course, the jubilee guinea is not minted in gold, but in two types of alloys: the inner part is made of an alloy of copper and nickel, and the outer ring is made of nickel and brass.

It is difficult to answer the question "1 guinea is how much?". Even taking into account the fact that the minted commemorative coin was never in circulation, but almost instantly went through the hands of numismatist collectors. The value of the coin was to be equal to 21 shillings in accordance with the previous value of its price.

In fact, it was a souvenir created as a tribute to the legendary historical gold coin. No one really intended to use it as a means of payment. However, if someone still decides to pay with a guinea in a store or anywhere else, then they must accept it withouthesitation as it is an official legal tender issued by the London Mint.

Meaning for culture and history

Many who hear about this coin for the first time are worried about what a guinea is, how much it is in a particular currency, etc. An aura of mystery and harsh pirate romance has developed around this coin. English corsairs and pirates used this money, and you can often hear about it in adventure novels about sea adventures.

For history, of course, this coin is also of considerable importance. When it was in circulation, almost all major trade transactions were carried out with its help. Moreover, they often traded with foreigners using the guinea.

Conclusion

The article answered the question "Guinea - how much is it today", as well as a brief historical background and many interesting facts about this wonderful coin. The guinea is a very rare and valuable coin for collectors, many are ready to give a lot of money to get at least one copy of any denomination.

However, due to the fact that the coin has not been used to pay for goods and services for a long time, it is very difficult to find it. All remaining coins are already kept in museums and private collections. Rare specimens that are put up for public sale go under the hammer for a decent amount.

Here she is, a guinea. How much it is in pounds, rubles or any other money, today it does not matter anymore. It is valued solely as a historical and cultural memory of the pasttimes. The British are very proud of their history, culture, and therefore preserve the symbols of their monarchy, country and people as a whole.