Difference Between Quid and Pence (With Table)

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. This currency has many sub-divisions as well as slang expressions. However, one common thing between them is that they have the queen of England on them.

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. Also, they are used as slang expressions. However, they have differences in terms of their meaning, form, denomination furthermore, and printed information.

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. It also has further subdivisions, including the pence. A quid is also of a greater value than the others. And is available in notes as well as coins.

A pence refers to another subdivision of the famous British currency. A pence is a term that is used instead of the other popular term Penny. Pence is the plural form of a penny. A pence is comparatively of a lower value. One hundred pence equals a single Quid or Pound.

Comparison Table Between Quid and Pence

Parameters of ComparisonQuid Pence
MeaningQuid 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.
FormThey 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. 
DenominationTheir 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 namesThey are also known as a Pound.Quid= Pound.They are also known as Penny. 1 Pence= Penny.
InformationThe 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. However, the reason why the word quid was linked with the British currency. According to some scholars, it may have been the Italian immigrants who originated the word thanks from the word ‘scudo.’ This term was used for the coins of gold silver with various denominations used in Italy from 16th to 19th 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. And that any paper currency or money that was produced in the mill was called Quid. In conclusion, the origin of this word is still a mystery waiting to be solved. However, a pound coin was not brought into existence until 1489, during the reign of King Henry VII. The pound is one of the oldest currencies in existence which has been used for over 12 centuries. In 1694, during the reign of King William III, he started the Bank of England. And the creation of the English banknotes was started. 

What is Pence?

A pence or multiple pennies are a popular form of currencies in many different countries. A pence, in simple terms, is another word for a penny. It is described as multiple pennies or plural forms of a penny. It is a further subdivision of the British currency pound or a quid. In monetary terms, a pence is 1/100th of a pound. Which means a total of 100 pence equals a pound. In the monetary system of the U.K. in 1971, before decimalization, a pound was equal to 12 pence. 

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. The etymology of the term, however, is not confirmed. But it is said to have been derived from Germanic languages in the 16th century. The regular use of the term is said to have started from England while referring to coins of monetary value. The term remains to be a common word across different nations. The British government started producing pence and stopped after a while. But only to start again after a period of time. Over the years, the value of pence has changed many times. 

Main Differences Between Quid and Pence

  1. 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.
  2. Quids are available in coins as well as notes. The lower values of Pence come in coins and the higher values in different colored notes that are issued by the Bank of England. Pence is available only in coins.
  3. Quid denomination comes in values of £1, £2 are available in coins. And, £5, £10, £20, £50 are available in notes. The denomination of Pence is in values of 1, 2, 5, 10, 20, and 50.
  4. A Quid is also known as a Pound. Quid= Pound. Pence is also known as Penny. 1 Pence= Penny.
  5. 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.

Conclusion

Quid and Pence are an integral part of the British currency system. Also, both of them are supplied by the Bank of England. Both the currencies Quid and Pence and common slang expressions. The origins of the two terms are uncertain. However, they are popular across the globe.

There are many differences between the two. A major one being that quids have a higher value. Also, quids are created in notes and coins. In contrast, pence are produced only in coins. Both these currencies have the imprint of the queen of England.

References

  1. https://www.sciencedirect.com/science/article/pii/0165176595006918
  2. https://www.jstor.org/stable/2959827
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