5 Major Difference Between Pound And Quid

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What Is Pound?

Pound is the official national currency of the United Kingdom and it is only used in the United Kingdom and on the South Georgia and South Sandwich Islands. It is also referred to as pound sterling or simply pound. It is considered a key currency with particular importance in international trade. The use of pound dates back to 775 A.D when Anglo-Saxon era in England, where the Kings used silver pennies called sterling as currency, although the pound has undergone a number of changes since then.

The Pound sterling is the oldest currency in continuous use today and is likely to remain a official unit currency for Britain for a very long time because even before BREXIT, Britain never adopted the Euro, despite pressure from others members of the European Union. Sterling pound is the fourth most-traded currency in foreign exchange market, after United States dollar, the Euro and the Japanese yen.

The UK Sterling as a currency can be used in England, Wales, Northern Ireland, Scotland, Guernsey, Jersey, Isle of Man, Gibraltar, Tristan de Cunha, Saint Helena, Ascension Islands, South Georgia, South Sandwich Islands, Falkland Islands and British Antarctic Territory. The Bank of England is the central bank for the pound sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and North Ireland. Sterling banknotes issued by other jurisdictions are not regulated by the Bank of England, their governments only guarantee convertibility at par.

What You Need To Know About Pound Sterling

  • Pound is the official British currency of the United Kingdom and its crown dependencies.
  • The term pound originated from Britain for a coin which had a weight of one Troy pound of sterling silver. Its name derives from the Latin word ‘’poundus’’ meaning ‘’weight’’.
  • The UK Sterling as a currency can be used in England, Wales, Northern Ireland, Scotland, Guernsey, Jersey, Isle of Man, Gibraltar, Tristan de Cunha, Saint Helena, Ascension Islands, South Georgia, South Sandwich Islands, Falkland Islands and British Antarctic Territory.
  • The use of pound dates back to Anglo-Saxon times in England, although it has undergone a number of changes since then.
  • 100 pence equals one pound sterling.

What Is Quid?

Just like buck is slang for a US dollar. Quid is a slang expression for the British pound sterling or the British pound (GBP), which is the currency of the United Kingdom (UK). The term is thought to have been in use since the late 17th century to describe pound sterling.  A quid equals 100 pence and is believed to come from the Latin phrase ‘’quid pro quo’’, which translates into ‘’something for something’’ or an equal exchange for goods or services. However, the exact etymology of the word as it relates to the British Pound is still uncertain.

Another possibility is that the word traces back to Quidhampton, a village in Wiltshire, England, that once was home to a Royal Mint paper mill. It’s possible that any paper money that was made in this mill might have been referred to as Quid. Whatever the origin of the word, it is in wide use in England as a familiar slang term for pound and prices are sometimes denoted in quid, especially in casual business deals or advertisements. Some residents of British dependencies also use the term quid and in Ireland for example, some people refer to the euro as a quid as well, just to add to the confusion.

What You Need To Know About Quid

  • Quid is a slang expression for the British pound sterling or the British pound (GBP), which is the currency of the United Kingdom (UK).
  • The term quid is believed to come from the Latin phrase ‘’quid pro quo’’, which translates into ‘’something for something’’ or an equal exchange for goods or services.
  • The term quid is common in the UK, but also used only in those countries where the pound is the official currency.
  • The term quid has been in use since 17th century.
  • A quid equals 100 pence.

Difference Between Pound And Quid In Tabular Form

BASIS OF COMPARISON  POUND STERLING QUID
Description Pound is the official British currency of the United Kingdom and its crown dependencies.   Quid is a slang expression for the British pound sterling or the British pound (GBP), which is the currency of the United Kingdom (UK).  
Name Origin The term pound originated from Britain for a coin which had a weight of one Troy pound of sterling silver. Its name derives from the Latin word ‘’poundus’’ meaning ‘’weight’’.   The term quid is believed to come from the Latin phrase ‘’quid pro quo’’, which translates into ‘’something for something’’ or an equal exchange for goods or services.  
Usage The UK Sterling as a currency can be used in England, Wales, Northern Ireland, Scotland, Guernsey, Jersey, Isle of Man, Gibraltar, Tristan de Cunha, Saint Helena, Ascension Islands, South Georgia, South Sandwich Islands, Falkland Islands and British Antarctic Territory.   The term quid is common in the UK, but also used only in those countries where the pound is the official currency.  
History The use of pound dates back to Anglo-Saxon times in England, although it has undergone a number of changes since then.   The term quid has been in use since 17th century.  
Value 100 pence equals one pound sterling.   A quid equals 100 pence.