Bids are still made in guineas for the sale of racehorses at auction, at which the purchaser will pay the guinea-equivalent amount but the seller will receive only that number of pounds. Originally, the guinea coin was valued at 1 pound sterling or 20 shillings when it was introduced in 1663, but fluctuating gold prices occasionally inflated its value as high as 30 shillings. The edge of the coin is milled diagonally. During the reign of Queen Anne (1702–1714) guineas were produced in all years between 1702 and 1714 except for 1704. A guinea is a coin that was minted in the Kingdom of England between 1663 and 1813. They were issued with six different obverses and three reverses in 1761, 1763–79, 1781–99, and 1813. Towards the end of the century gold began to become scarce and rise in value. In 1774 almost 20 million worn guineas of King William III and Queen Anne were melted down and recoined as guineas and half-guineas. A guinea was worth £1,1s (one pound and one shilling). In a departure from the previous reigns, the reverse featured a totally new design of a large crowned shield which bore the arms of England and France in the first and fourth quarters, of Scotland in the second quarter, and of Ireland in the third quarter, the whole ensemble having a small shield in the centre bearing the rampant lion of Nassau; the legend on the obverse read MAG BR FR ET HIB REX ET REGINA (Of "Magna Britannia" Great Britain, "Francia" France and "Hibernia" Ireland King and Queen) and the year. Until the Union, the cruciform shields on the reverse showed the arms of England, Scotland, France, and Ireland in order, separated by sceptres and with a central rose, and the legend MAG BR FRA ET HIB REG ("Of Great Britain, France, and Ireland Queen") and the year. The difference was the auctioneer's commission.} The obverse and reverse of this coin were designed by John Roettiers (1631–c. The diameter of the coin was 1 in (25.4 mm) throughout Charles II's reign, and the average gold purity (from an assay done in 1773 of samples of the coins produced during the preceding year) was 0.9100. Therefore 1000 guineas = (21/20) * £1000 = £1050 {At auctions, things were often sold in guineas, but the seller was paid in pounds. "Guinea" was not an official name for the coin, but much of the gold used to produce the early coins came from Guinea in Africa. The obverse showed a fine right-facing bust of the king wearing a laurel wreath (amended several times during the reign), surrounded by the legend CAROLVS II DEI GRATIA ("Charles II by the grace of God"), while the reverse showed four crowned cruciform shields bearing the arms of England, Scotland, France, and Ireland, between which were four sceptres, and in the centre were four interlinked "C"s, surrounded by the inscription MAG BR FRA ET HIB REX ("Of Great Britain, France, and Ireland King"). It is not used any more. The diameter was 25–26 mm (0.98–1.02 in) until 1700 and 26–27 mm (1.02–1.06 in) in 1701. aus oder wählen Sie 'Einstellungen verwalten', um weitere Informationen zu erhalten und eine Auswahl zu treffen. Although the coin itself no longer circulated, the term guinea survived as a unit of account in some fields. It is not used any more. The obverse has a left-facing bust of the king with the legend GEORGIVS II DEI GRATIA (GEORGIUS II DEI GRA between 1739 and 1743), while the reverse features a single large crowned shield with the quarters containing the arms of England+Scotland, France, Hanover, and Ireland, and the legend M B F ET H REX F D B ET L D S R I A T ET E ("King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire"). The value of the guinea had fluctuated over the years from 20 to 30 shillings and back down to 21 shillings and sixpence by the start of George's reign. This page was last changed on 5 July 2019, at 04:42. [a], In 2013 the Royal Mint issued a £2 coin to celebrate the 350th anniversary of the minting of the first guinea coin. Some coins issued between 1729 and 1739 carry the mark EIC under the king's head, to indicate the gold was provided by the East India Company, while some 1745 coins carry the mark LIMA to indicate the gold came from Admiral George Anson's round-the-world voyage. ‘Tis a splendid thing." Many major horse races in Great Britain, Ireland, Canada, New Zealand and Australia bear names ending in "Guineas", even though the nominal values of their purses today are much higher than the £1,050 or £2,100 suggested by their names. From Simple English Wikipedia, the free encyclopedia, https://simple.wikipedia.org/w/index.php?title=Guinea_(British_coin)&oldid=6601623, Creative Commons Attribution/Share-Alike License. The guinea had an aristocratic overtone, so professional fees, and prices of land, horses, art, bespoke tailoring, furniture, white goods and other "luxury" items were often quoted in guineas until a couple of years after decimalisation in 1971. The elephant and castle can appear on the coins of 1708 and 1709. Saville Row tailors, bespoke boot makers, fine jewelers, and expensive motorcars were always priced in guineas. William's head faces right on his coins, with the legend GVLIELMVS III DEI GRATIA, while the reverse design of William and Mary's reign was judged to be unsuccessful, so the design reverted to that used by Charles II and James II, but with a small shield with the lion of Nassau in the centre, with the legend MAG BR FRA ET HIB REX and the year. Für nähere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklärung und Cookie-Richtlinie. [2] The name came from the Guinea region in West Africa, from where much of the gold used to make the coins was sourced. At this time, gold was still scarce and the guinea was trading on the open market for 27 shillings in paper money, so the coining of this issue for the army's special needs was a poor deal for the government, and this was the last issue of guineas to be minted. With the removal of James II in the Glorious Revolution of 1688, his daughter Mary and her husband Prince William of Orange reigned jointly as co-monarchs. The first guinea was produced on 6 February 1663; a proclamation of 27 March 1663 made the coins legal currency. In 1717, Great Britain adopted the gold standard, at a rate of one guinea to 129.438 grains (8.38 g, 0.30 oz) of crown gold, which was 22 carat gold,[9][10] and a royal proclamation in December of the same year fixed the value of the guinea at 21 shillings. The guineas of King George III weighed 8.4 g (0.30 oz) and were 25 mm (0.98 in) in diameter, with an average gold purity (at the time of the 1773 assay) of 0.9146 (meaning it contained 7.7 g (0.27 oz) of gold). 0 0. The guinea coin was produced in all years from 1695 to 1701, both with and without the elephant and castle, the design probably being the work of Johann Crocker, also known as John Croker, since James Roettiers had died in 1698 and his brother Norbert had moved to France in 1695. [13], British gold coin minted between 1663 and 1814, "Guineas" redirects here. John Roettiers continued to design the dies for this denomination during the reign of King James II. Unlike the two-guinea and five-guinea coins, production of the guinea continued through much of the long reign of King George III. Dazu gehört der Widerspruch gegen die Verarbeitung Ihrer Daten durch Partner für deren berechtigte Interessen. ), which were often invoiced in guineas, and horse racing and greyhound racing,[2] and the sale of rams. The edge of the coins are milled diagonally. The name also forms the basis for the Arabic word for the Egyptian pound الجنيه el-Genēh / el-Geni, as a sum of 100 qirsh (one pound) was worth approximately 21 shillings at the end of the 19th century. This issue has become known as the Military Guinea. Parliament passed a law making banknotes legal tender in any amount, and in 1799 the production of guineas was halted, although half- and third-guineas continued to be struck. Daten über Ihr Gerät und Ihre Internetverbindung, darunter Ihre IP-Adresse, Such- und Browsingaktivität bei Ihrer Nutzung der Websites und Apps von Verizon Media. With the Acts of Union 1707 creating a unified Kingdom of Great Britain through the union of the Parliament of Scotland with the Parliament of England, the design of the reverse of the first truly British guinea was changed. In the Great Recoinage of 1816, the guinea was replaced by the pound as the major unit of currency, and in coinage by the sovereign. The coins weighed 8.3 g (0.29 oz), were 25 mm (0.98 in) in diameter, and had a gold purity of 0.9134. A British Guinea was worth £1 1 shilling in imperial money today £1 10 pence what the value of a Guinea coin is worth I don't know but … The edge was milled to deter clipping or filing, and to distinguish it from the silver half-crown which had edge lettering. Until 1669 the milling was perpendicular to the edge, giving vertical grooves, while from 1670 the milling was diagonal to the edge. In fact it is nearly £41. In 1732 the old hammered gold coinage was demonetised, and it is thought that some of the old coins were melted down to create more guineas. [3] It was the first English machine-struck gold coin, originally worth one pound sterling,[2] equal to twenty shillings, but rises in the price of gold relative to silver caused the value of the guinea to increase, at times to as high as thirty shillings. The average gold purity was 0.9140. The reverse of guineas issued between 1761 and 1786 show a crowned shield bearing the arms of England+Scotland, France, Ireland and Hanover, with the legend M B F ET H REX F D B ET L D S R I A T ET E and the date ("King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire"). Because a guinea was close to a pound, putting prices in guineas made the price seem less. It is run on the Rowley Mile at Newmarket over a distance of 1 mile (1,609 metres), and it is scheduled to take place each year in late April or early May on the Sunday following the 2000 Guineas Stakes . The 1703 guinea bears the word VIGO under the Queen's bust, to commemorate the origin of the gold taken from Spanish ships captured at the Battle of Vigo Bay. The Thousand Guineas is a Melbourne Racing Club Group 1 Thoroughbred horse race for three year old fillies at set weights run over a distance of 1600 metres at Caulfield Racecourse, Melbourne, Australia in early October. In 1813 it was necessary to strike 80,000 guineas to pay the Duke of Wellington's army in the Pyrenees, as the local people would accept only gold in payment. 1700). 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