The currency of a country is the backbone of its economy. However, the countries such as Sweden that have gone completely paperless, there are many paper currencies in the world such as Dollar, Pound, and Euro. Pound is a popular currency in prevalence in many countries. It is often confused with the word quid.
Pound vs Quid
The main difference between the pound and the quid is that the pound is an official currency established under the metric system that in use in many countries such as the United Kingdom and England, whereas 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 of 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.
Comparison Table Between Pound and Quid (in Tabular Form)
| 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 poundus, 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 of the world still in use. In the United Kingdom, it is called the Pound Sterling. As of the year 2019, sterling is the 4th most held reserve currency in the world.
The symbol for the pound sterling is £. The Bank of England is the main agency that regulates the sterling. The word pound emerged in the 8th century, according to the evidence. Its root is the Latin word poundus that means weight.
The various nicknames for the pound are sterling, smacker, smackeroo, sovereign, and nicker. There are some countries that had pound as their currency initially, but then switched over to other currencies. Australia is one such country. From the year 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 yet not solved.
Some believe that it has been derived from the word scudo used by the 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 has 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 popular by the name Quid.
Main Differences Between Pound and Quid
Although the pound and quid are essentially the same, as the latter is a 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 pound.
- It is believed that the word pound has originated from the Latin word poundus, 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.
- Pound is used in various countries, namely the UK, Saint Helena’s, Egypt, and Lebanon. On the other hand, the quid is used in all the above mentioned countries because it is a slang term.
- Other slang words for the pound are sterling, smackeroo, and sovereign. On the other hand, the quid is itself is a nickname for the pound.
Conclusion
The history of the pound can be traced back to the reign of King Offa of Mercia. He introduced coins called the sterlings in the Saxon kingdom. The sterling gradually changed in value and appearance. When the United Kingdom adopted the decimal system in 1971, it was officially adopted as the currency of Britain.
The pound sterling of the UK is also called the GBP. This currency is extremely popular in the foreign exchange markets. The quid is a slang for the pound. It is a common word for the locals of Britain, but it can be very confusing for immigrants from other countries.
The forex is the universal currency trading market. It has the responsibility of determining the values of different currencies. A pound is worth more than 1 US dollar. However, this doesn’t necessarily mean that it is a stronger currency than the dollar.
For a currency to be stronger, it should stand firm on many grounds. The inflation rate, stability, economic policies, and popularity in the forex markets determine the true worth and power of a currency.