England has a long and eventful history, so it is not surprising that in this country the monetary system has undergone numerous changes. For example, in modern England, and later the British Empire, for a long time there was a gold coin in use, which was called guinea.
Since this currency is no longer used today, many are wondering, “How much is Guinea in modern money?” You can find out the answer to this question, as well as a lot of interesting things, by reading this article.
A bit of history
The guineas began to be used for the first time since 1663, when King Charles II legalized it, making it the main gold coin. However, unofficially, it came into circulation a little earlier.
By the way, guinea became the first coin in the history of England, which was minted not by hand, but by machine tools. This, in its way, marked the beginning of a new industrial era in the history not only of England itself, but of all mankind. It was not just money , but a real symbol of the growing power of the British, who already then began to claim the role of the largest colonial power in the world, although they still did not have imperialist ambitions in the 17th century.
In 1799, the production of guineas was suspended, because 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 released, and already from 1817 the guinea was replaced by a sovereign.
Description
Gold coins were most often decorated with images of any significant historical or political events. Portraits of kings and queens who ruled the country at one time or another, when coins were minted, were also depicted.
In 1707, when England entered into a union with Scotland, on the reverse of the guinea appeared the inscription MAG BRI FR ET HIB REG, which denoted the new title of the queen. On the obverse of the coins, as a rule, a portrait of the reigning king was depicted in profile.
There were also coins that were minted in silver. At the same time, the cost of silver means of payment in relation to gold constantly changed.
In circulation were coins in denominations of half a guinea, one, two and five guineas. In the 18th century, smaller coins with a face value of a quarter and a third of a whole guinea began to be minted.
Guinea - 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 guinea. How much is pounds? By virtue of its withdrawal from circulation, it is extremely difficult to give a definite answer to this question.
Despite the fact that since the 17th century the pound has been the main monetary unit in the UK, 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 guinea could change, but even before the second half of the 20th century, any amount equal to twenty-one shilling in England was automatically called guinea.
Guinea - how much is 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, respectively, from the official data on the exchange rate of the pound against the ruble, it is impossible to calculate the cost of one guinea in rubles.
One of the options for calculating the price: consider guinea as the equivalent of gold. Then, depending on the weight of the coin, you can calculate the market value of 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, it is best to proceed from its collectible value. Many numismatists and lovers of antiquity collect them and are ready to pay good money for a worthy copy.
For example, you can see the price of a coin of 50 guineas. How much is in rubles, it is not so easy to find out, since 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 price is affected by the general appearance, antiquity, coinage, degree of preservation, and much more.
Sovereign and Guinea
After the guinea was withdrawn from circulation at the beginning of the 19th century, a sovereign came to 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 guinea, as mentioned above, 21 shillings, that is, guinea is 1 shilling more than a pound. The sovereign contains one pound and ten shillings, and 30 shillings are obtained. As a result, there are 30 shillings in the sovereign, and 21 in the guinea. However, these calculations are inaccurate, since the cost of the guinea during its use constantly changed in accordance with changes in the price of gold.
The need to replace guinea with 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, Western Africa was divided into several colonies, some of which retained their name Guinea until today, when they had already gained independence.
Even after the coin went out of circulation, guinea continued to refer to any amount of 21 shillings. This made it possible to simplify the calculus system, solving many financial problems. Today, guinea is not used even for calculations, but it is still remembered and appreciated by ordinary people in the UK and in the government. Museums and numismatists with 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 guinea design. The rim of the commemorative coin is decorated with the inscription WHAT IS GUINEA? THIS IS SPLENDID THING, which in translation means: "What is guinea? This is a great thing." The British honor and value their history and traditions, therefore, even to a coin that has not been used for almost 200 years, they have a very reverent attitude.
Commemorative coin for the 350th anniversary
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 mass is approximately 12 grams. Of course, the anniversary guinea is not minted from gold, but from two types of alloys: the inside 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 - how much?" Even taking into account the fact that the minted jubilee coin was not in circulation, it almost immediately fell into the hands of collectors-numismatists. The value of the coin should have been 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. Nobody really intended to use it as a means of payment. However, if someone still decides to pay with guinea in a store or elsewhere, then they are obliged to accept it without hesitation, since this is a means of payment officially issued by the London Mint.
Importance for Culture and History
Many who first hear about this coin are worried about what guinea is, how much it is in one currency or another, etc. Around this coin there is an aura of mystery and severe pirate romance. English corsairs and pirates used this money, they can often be heard about in adventure novels about sea adventures.
For history, of course, this coin also has considerable significance. When she was in circulation, almost all major trade transactions were carried out with her help. Moreover, foreigners were also often traded using 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. Guinea is a very rare and valuable coin for collectors, many are willing to give a lot of money to buy at least one copy of any denomination.
However, due to the fact that the coin is no longer used to pay for goods and services, it is very difficult to find. All remaining coins are already stored 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, guinea. How much is in pounds, rubles or in any other money, today does not matter. It is valued exclusively as a historical and cultural memory of past times. The British are very proud of their history, culture, and therefore preserve the symbolism of their monarchy, country and people as a whole.