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.
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.
- https://www.sciencedirect.com/science/article/pii/0165176595006918
- https://www.jstor.org/stable/2959827
Last Updated : 29 July, 2023
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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.
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