The currency of a country is the backbone of its economy. However, the countries such as Sweden that have gone entirely paperless have many paper currencies in the world, such as Dollar, Pound, and Euro.
The pound is a popular currency in prevalence in many countries. It is often confused with the word quid.
- Denotation: The pound is the official currency unit in the United Kingdom, whereas quid is an informal term for the same currency.
- Usage: Pound is used in formal contexts and official communication, while quid is colloquially used in everyday conversations.
- Value: Both pound and quid have the same value, with one quid equaling one pound.
Pound vs Quid
The difference between the pound and the quid is that the pound is an official currency established under the metric system used in many countries, such as the United Kingdom and England. In contrast, the quid is a slang term for the currency pound.
The pound is the official currency of the United Kingdom, England, Egypt, and many other countries. It is the oldest currency in the world in continuous use today.
The quid is a nickname for the pound, especially in the United Kingdom. A quid is equal to 100 pence.
|Parameter Of Comparison||Pound||Quid|
|Definition||The pound is the official currency of many countries.||The quid is a slang term for the pound.|
|Origin||Its origin is the Latin word pounds, meaning weight.||Its origin is believed to be the Latin word quid.|
|Emergence||The pound emerged sometime in the 8th century.||The quid emerged in the late 17th century.|
|Prevalent In||It is used in the UK, England, Egypt, Lebanon, and other countries.||It is used in all those countries where the pound is the official currency.|
|Slang Terms||Various slangs used for the pound are sterling, smacker, nicker, and sovereign.||It is itself a slang term for the pound.|
What is Pound?
The pound is the official currency of the United Kingdom, England, Egypt, and other countries. It is the oldest currency in the world still in use.
In the United Kingdom, it is called the Pound Sterling. As of 2019, the sterling is the 4th most-held reserve currency in the world.
The symbol for the pound sterling is £. The Bank of England is the leading agency that regulates sterling. The word pound emerged in the 8th century, according to the evidence. Its root is the Latin word pounds which means weight.
The various nicknames for the pound are sterling, smacker, smackeroo, sovereign, and nicker. Some countries initially had the pound as their currency but then switched to other currencies.
Australia is one such country. From 1910 to 1966, the pound was the currency of Australia. It was then abolished, and the dollar was adopted instead.
What is Quid?
The quid is a slang term for the currency pound. In other words, it is a nickname for the pound. It is equal to 100 pence. This statistic is the same as that for a pound. Its emergence in the 17th century is a mystery that has yet not been solved.
Some believe that it has been derived from the word scudo, used by Italian immigrants. The term scudo pertains to the 19th-century coins in Italy.
Some consider the Latin word quid as the origin of the present quid. In the simplest sense, it stood for an exchange of items.
Yet others believe that it originated from the village QuidHampton in England. There was a Royal Mint Paper Mill in this village, where the money was printed. Probably, the money then became famous by the name Quid.
Main Differences Between Pound and Quid
Although the pound and quid are essentially the same, as the latter is slang for the former, some differences can be considered between the two.
These differences are :
- The pound is a popular currency, whereas the quid is a slang word for the pound.
- It is believed that the word pound originated from the Latin word pounds, whereas there is no clear information about the origin of the word quid.
- The pound probably emerged in the 8th century, whereas the quid emerged in the late 17th century.
- The pound is used in various countries: the UK, Saint Helena, Egypt, and Lebanon. On the other hand, the quid is used in all the countries mentioned above because it is a slang term.
- Other slang words for the pound are sterling, smackeroo, and sovereign. On the other hand, the quid itself is a nickname for the pound.
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Chara Yadav holds MBA in Finance. Her goal is to simplify finance-related topics. She has worked in finance for about 25 years. She has held multiple finance and banking classes for business schools and communities. Read more at her bio page.