Guinea (coin)

The guinea (; commonly abbreviated gn., or gns. in plural) was a coin, minted in Great Britain between 1663 and 1814, that contained approximately one-quarter troy ounce (7.8 g) of gold. The name came from the Guinea region in West Africa, from where much of the gold used to make the coins was sourced. It was the first English machine-struck gold coin, originally representing a value of 20 shillings in sterling specie, equal to one pound, 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. From 1717 to 1816, its value was officially fixed at twenty-one shillings, (one pound and one shilling, £1.05, equivalent to £88.5 in 2025). In the Great Recoinage of 1816, the guinea was demonetised and replaced by the gold sovereign. Following this, the word "guinea" was retained in some fields as a unit of account and pricing, even though the coins were no longer in use. It was commonly used well into the 20th century for professional fees, which were often invoiced in guineas; and continues in use in the 21st century in horse racing and greyhound racing, and in the pricing of some works of art. As of 2026, at Tattersalls, bidding on horses is in guineas, but the seller is paid the same number of pounds, the difference providing the auctioneer's commission. At 2025 prices, the purchasing power of an 1815 guinea was £80.83.