At the time, 20 Shillings were equal to one pound, which was the value of one Guinea. It played a significant role in the development of British coinage and served as the Sovereign in many ways. Of course, today’s value of a Guinea is much higher due to its gold content.
Please read on for more detailed information.
Table of Contents
What is a Guinea?
Before the pound took its place in 1816, the Guinea, which had been introduced in 1663, was the largest denomination of money used in Britain. The name “Guinea” is thought to refer to the fact that the Africa Company, which was active along the Guinea Coast in West Africa, supplied the gold used to mint coins in the 17th century.
It had a nominal face value of about 20 Shillings, or one pound in modern currency, though this amount could swing as high as 30 Shillings. It was the first mechanically produced English gold coin.
The History of the Guinea Coin
On February 5, 1663, the very first guinea coin was made. On March 27, 1663, it was declared to be acceptable money. The guinea coin’s initial value was one pound or twenty shillings.
The coin had an average gold purity of 0.91 and was made with a 1-inch diameter. In other words, 91% pure gold makes up the coin. The elephant was depicted on these coins, which were made between 1663 and 1684, with some coins from 1675 onwards featuring an elephant and a castle. The illustration that follows features a crowned Royal Shield design with a Guinea design.
The elephant represents the Guinea Coast of Africa, which was associated with slave trading and is credited with bringing gold into England, whether or not the castle is present.
The images on the coin included different designs on the observe and reserve in addition to the elephant and/or castle. The observe of the coin depicts a right-facing bust of Charles II sporting a laurel. Around the coin was the inscription: CAROLS II DEI GRATIA, which means “By the grace of God, Charles II.”
The four crowned cruciform shields bearing the flags of England, France, Ireland, and Scotland could be seen on the reserve side of the coin. Other features include four sceptres, four interlinked “Cs” and the inscription: MAG BR FRA ET HIB REX, which means, “King, from France, Ireland, and Great Britain.”
How Much is a Guinea Worth?
The cost of a guinea can range from a few hundred pounds to several thousand. Due to the gold they contain, guinea coins are still highly valuable. A Guinea is a 22 carat gold coin that weighs 8.3g and, as is the case with other gold bullion coins, its value is calculated by multiplying its gold content by the current gold spot price.
The Guinea is no longer recognized as legal tender since British currency was decimalized on February 15, 1971. The phrase is still used to refer to amounts that are equal to one pound and one shilling, or £1.05 in modern money, in some contexts, such as horse racing. The Guinea is different from other British bullion coins like Britannias and Sovereigns in that it is not exempt from Capital Gains Tax because it is no longer considered to be legal tender.
How Much is a Guinea Worth Today?
Because a Guinea contains 7.5 grams of gold, its value today is based solely on the metal itself. That makes a Guinea worth at least $400 at today’s prices, though this value can obviously go up as well as down. Of course, a Guinea can be worth much more than the value of its metal. The Guinea coin is highly collectible due to its age and historical significance, and, depending on the year and condition of the coin, it may be worth a significant amount to a coin enthusiast.
Are Horses Still Sold in Guineas?
Today, the odds are that a thoroughbred horse you purchase at a traditional auction will be knocked down at a hammer price of “£xxx Guineas.” For as long as the guinea has existed, this has been the situation.
You won’t be required to pay in gold coins, which is a good thing because, among other things, if you do have gold guineas, they are worth much more than a pound and a shilling and, as we’ve seen, the guinea is no longer legal tender; nonetheless, you will be required to pay the full amount.
Due to the auctioneer’s commission taking the remaining 5p per guinea, the seller will only receive the value in pounds. In spite of some bloodstock auctions’ recent transition to selling in pounds, the 5% commission is still retained. We regret this happening because we are tradition-loving coin collectors.
The UK “Triple Crown” is won by a horse that wins the 2000 Guineas Stakes, the Derby, and the St. Leger Stakes all in the same calendar year. Before we finally respond to your question regarding the value of a guinea today. The great Nijinsky, who accomplished this in 1970, was the last horse to do so. Keep that one to yourself as well!
The Value of a Guinea
A guinea may be a term for a pound and a shilling, but it is obvious that a gold coin will always be worth more than pound;1.05p. The first examples of the guinea were minted during the reign of William and Mary, and the last ones were during the reign of George III.
The price of gold at the time you wish to sell or value the coin will typically determine its actual value.
Throughout its existence, the guinea has maintained a very consistent size and weight: between 8.3g and 8.5g, depending on which version you may have.
Additionally, we have consistency to work with because it has always been made of 22-carat gold. 8.3g is equivalent to a quarter of a We can figure out the value right away because gold is weighed in Troy Ounces, which makes it easy!
At the time of writing – 1st of In March 2020, the cost of an ounce of gold will be £1237. Your quarter-ounce guinea is therefore worth about £310. A genuine gold guinea of any era is worth more than its weight in gold to a collector, though. Owning one is very special, and collectors place high value on having one.
A final word: in 2013, the Royal Mint paid homage to the guinea by issuing a special-edition £2 coin commemorating the 350th anniversary of the minting of the very first guinea.
This design recreated that of a guinea coin from the late 18th century. Collectors prize this edition because it is the first time a UK coin has ever been produced to honor another.
FAQs
How Much Was a Guinea Worth Now?
At the time, it was worth £1,1s (one pound, one shilling). This is equivalent to one pound. Today’s currency uses the number 05. Since a guinea was roughly equal to a pound, pricing these items in guineas made them seem less expensive.
Why is a Guinea 21 Shillings?
The fact that the guinea was originally crafted from African gold is how it got its name. It was worth between 20 and 30 shillings, but that varied depending on how much gold was changing hands for. It was assessed at 21 shillings in 1717.
How Much is 25 Guineas Worth Today?
26 pounds 5 shillings would be equal to one guinea if they were all valued at 25 pounds and 25 shillings. Simply because of inflation, one 937 pound is currently equivalent to about £69. 1794 is the result of multiplying 26 times 69. For a total of 1,811 pounds, add another 17 pounds (or 25 cents) in modern currency for the 5 shillings.
How Much is 30 Guineas in American Dollars?
How much are 30 Ginnys worth in today’s currency? 30 guineas would be 630 shillings or 31 guineas, based on the 1941 accounting definition of a guinea as 21 shillings. 5 pounds. Exchange rates between the dollar and the pound were $4 in 1941. That makes the total USD 126.
Final Summary
The guinea coin served as the primary form of currency in Great Britain from 1663 to 1816 and was still recognized as legal tender in 1971.
The coin’s value is based on the current price of gold because it is made of 22-carat gold and weighs between 8.3 and 8.5 grams. The guinea coin’s value, however, may increase if sold to a coin collector who values it highly, depending on its scarcity, age, and condition.
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