Why Was 21 Shillings Called a Guinea? The History Behind the British Coin
Discover why 21 shillings was called a guinea and learn the history of this British gold coin from 1663 to decimalization.
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A guinea was 21 shillings because it's a historical British monetary unit. Introduced in 1663, the guinea was originally a gold coin worth one pound and one shilling (21 shillings). It became a standard measure in auctions and luxury trades until decimalization.
FAQs & Answers
- What is a guinea in British currency? A guinea was a British gold coin introduced in 1663, valued at 21 shillings, or one pound and one shilling.
- Why was the guinea valued at 21 shillings instead of 20? The guinea was set at 21 shillings because it originally contained gold sourced from the Guinea region in Africa and its value was assigned slightly above one pound for trade and auction use.
- When did the guinea stop being used as currency? The guinea coin fell out of general use after decimalization of British currency in 1971, though the term remained common in auctions and luxury sales.
- How did the guinea influence British auctions and luxury trades? Even after the coin ceased circulating, the guinea's value of 21 shillings remained a standard pricing unit in auctions and luxury transactions to convey prestige.