Guinea (British coin)

The Guinee ( [ gine ː ə ]; engl guinea [ gɪni ], abbreviated 1g / 1GN; majority. 3gs / 3gns ) was a 1663-1816 embossed and outstanding British gold coin that was produced as the first machine. The cash had been named after the gold-rich region of Guinea, from which came much of the gold used to mint.

Value

Originally the face value was 20 British shillings, so a pound sterling. The exchange rate for sterling silver unit varied with the ratio of the price of silver to gold. The value of becoming ever easier guinea increased to up to 27 shillings. After the great coinage reform of 1696 its value was set at 21 ½ shillings and finally in 1717 to 21 shillings (£ 1- 1s - 0d). With this value of 1.05 GBP, the guinea is still in use as a unit of account (see below). The gold coin was struck for the last time in 1813, after which it was replaced by the Sovereign, which was then referred to a little later than pounds.

Since the guinea had an aristocratic aura, many upscale goods needs in guinea continued to be priced. In auction trading (eg, antiques, works of art and sport horses ) is now settled yet in guineas. This usage is traditionally grounded in the auctioneer's premium on the hammer price of five percent. Until the decimalization of the pound 1971/1972 were also cars like offered in guineas because the price was lower then compared to the pound (apparently). So actually to pay 12,600 pounds for example, at a price of 12,000 guineas.