Guinea (British coin) facts for kids

Kids Encyclopedia Facts

A guinea is a coin that was minted in the Kingdom of England between 1663 and 1813. It is not used any more. The gold used to mint the first guineas was mined in the region of the same name in Africa.

Although guinea coins had not been made for a long time, prices often continued to be shown in guineas until British prices became decimal in 1971. A guinea was worth £1,1s (one pound and one shilling). This is the same as £1.05 in modern money.

Because a guinea was close to a pound, putting prices in guineas made the price seem less. A price of 39 guineas might look like "about £39". In fact it is nearly £41. Prices in guineas were traditionally used for luxury goods before decimalisation. Saville Row tailors, bespoke boot makers, fine jewelers, and expensive motorcars were always priced in guineas.