Quid vs Pence: Difference and Comparison

British currency or the UK currency, like many nations, has decimal currency. And for an individual to, understand the currency can be a bit difficult.

Key Takeaways

Quid is a slang term for the British pound sterling, while pence is the UK’s smaller currency unit.

One pound consists of 100 pence, making quid a higher denomination than pence.

Both quid and pence are used in everyday language and transactions within the United Kingdom.

Quid vs Pence

The difference between Quid and Pence is that a Quid has more monetary value than a Pence. Both of them are a part of the British currency.

A quid refers to a subdivision of the famous British currency. A Quid is nothing but another term used instead of the popular term Pound.

A penny refers to another subdivision of the famous British currency. A penny is a term that is used instead of the other popular term Penny.

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Finance Quiz

Test your knowledge about topics related to finance

1 / 10

Which is not a cash activity listed on the cash flow statement?

Operating activities

Investing activities

Financing activities

Purchasing activities

2 / 10

What is the primary goal of financial planning?

Increase wealth

Minimize tax liability

Maintain financial stability

Improve credit score

3 / 10

What is a portfolio in finance?

A collection of stocks

A collection of bonds

A collection of investments

A collection of real estate properties

4 / 10

Why do companies engage in M&A?

For better brand recognition

To grow in size and bounce their rivals

Because of increasing competition

All of these

5 / 10

What is the difference between saving and investing?

To save means to put money where it will grow very slowly (or not at all), and to invest means to put money where it will grow much faster

To save means to put money in a vehicle that is safe, protected from loss, and has guaranteed growth, and to invest means to put money in a financial vehicle or asset that has a certain amount of risk and no guarantees of growth

To save means to put money into any kind of an account at a bank, and to invest means to put money into a brokerage account

There is no significant difference between saving and investing. The words mean essentially the same thing and can be used interchangeably

6 / 10

The appreciation in the value of security or asset is called as:

Current return

None of these

Capital return

Total return

7 / 10

What is the role of a financial regulator?

To protect investors from fraudulent activities

To ensure financial institutions are operating within legal and ethical boundaries

To provide investment advice

To manage financial markets

8 / 10

Earnings per share show investors the __________ earned per outstanding share of stock.

Operating Income

Income before taxes

Net Income

Income before interest and taxes

9 / 10

Which of the following is an economic activity?

A farmer in the field

A teacher teaching his son

A social worker at a relief camp

A social worker

10 / 10

What is the primary role of the Federal Reserve System in the United States?

Setting interest rates

Regulating banks

Printing money

All of the above

Your score is

Comparison Table

Parameters of Comparison	Quid	Pence
Meaning	Quid refers to the slang expression which is used in reference to the British currency Pound Sterling.	Pence refers to the subdivision of the pound sterling. One pound equals 100 pence.
Form	They are available in coins as well as notes. The lower values come in coins and the higher values in different colored notes that are issued by the Bank of England.	They are available only in coins.
Denomination	Their denomination comes in values of £1, £2 are available in coins. And, £5, £10, £20, £50 are available in notes.	Their denomination comes in values of 1, 2, 5, 10, 20, and 50.
Other names	They are also known as a Pound.Quid= Pound.	They are also known as Penny. 1 Pence= Penny.
Information	The notes have pictures of famous Britons along with the Queen of England on them.	They have the print of the Queen of England.

What is Quid?

A quid, in simple terms, is another word for a pound. It is described as one pound sterling. According to research, It is said that it first came into use around the late 17th century.

The other possibility of the word can be traced back to a village in England, Wiltshire, named Quidhampton. The village was the place where a Royal Mint paper mill existed.

What is Pence?

Pence or multiple pennies are a popular form of currency in many different countries. A pence, in simple terms, is another word for a penny.

The term penny has been derived from the Carolingian denarius, which was also its former abbreviation. Typically in most of the currency systems of a country, this denomination is the smallest.

Main Differences Between Quid and Pence

Quid refers to the slang expression which is used in reference to the British currency Pound Sterling. Pence refers to the subdivision of the pound sterling.
Quids are available in coins as well as notes. The lower values of Pence come in coins, and the higher values are in different colored notes that are issued by the Bank of England.
Quid denomination comes in values of £1, £2 are available in coins. And, £5, £10, £20, £50 are available in notes.
A Quid is also known as a Pound. Quid= Pound. Pence is also known as Penny. 1 Pence= Penny.
The notes of Quids have pictures of famous Britons along with the Queen of England on them. Pence has the print of the Queen of England.

References

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Chara Yadav

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.