It is no secret that the economy of a particular country relies on its currency. As we speak, we have a plethora of currencies out there. From the dollar to the pound, there are many currencies that are used by different countries all over the world. However, the most prominent currencies among most counties are the pound and the dollar. To start with, the pound is normally a prevalent currency in Britain and other European countries.
Interestingly, most people usually confuse pound for quid. In fact, it is not a wonder to hear someone say ’80 quid’ instead of ’80 pounds’. This is a good indication that both terms are used interchangeably. However, the reality of issues is that these terms are different in several ways. In this article, we shall take a closer look at these terms for easier distinction.
What is a pound?
The currency mentioned above is the official currency of England, the United Kingdom, Lebanon, Egypt, and other countries. In fact, this is one of the oldest currencies in the world. Since its inception in the 8th century, this currency has been in use for many years. As we speak, it is still used in Europe. Unlike other currencies, this one is the 4th most reserved currency world over.
What is Quid?
Simply put, this term is a slang term used to mean currency pound. Generally, it is a nickname for the world. Since the 17th century, this term has been in use. You will note that this term was derived from an Italian word known as scudo. In the 19th century, immigrants used the word ‘scudo’ to describe coins.
The Main Differences Between Pound and Quid
Although these terms are used interchangeably, there are several differences that set them apart. Some of the notable differences between these terms include:
- Meaning: As we mentioned above, the meaning of these terms vary. For instance, the pound refers to the official currency being used in England, United Kingdom, Egypt, and even Lebanon. Quid, on the other hand, is a colloquial term used to describe the pound.
- Origin: Besides their meaning, their origin also differs. This is because the term pound was initially derived from the word ‘poundous’, which is a Latin word used to mean weight. Quid, on the other hand, originated from the Latin word ‘quid.’
- Prevalence: As far as prevalence is concerned, the pound is commonly used in England, Egypt, United Kingdom, Lebanon, and other countries. On the other hand, quid is used in all those countries whose currency is known as the pound. This is because quid is a slang term and not a currency.
- Emergency: Both currencies came into existence several years ago. However, the pound came into existence in the 8th century while its counterpart emergence in the 17th century. Therefore, the pound is older than the quid in terms of age.
- Slang terms: Just like other currencies, the pound has slang terms that are used in its reference. Some of the common slags used for the pound include smacker, sterling, sovereign, nicker, and so on. However, quid is different as it is a slang term by itself. It is commonly used to mean the pound.
It is true to say that both pound and quid have some history, as we have mentioned above. Although these terms are used interchangeably, there are some differences that separate the duo. As you purpose to use the pound for all your transactions, you should note the differences mentioned above to avoid any confusion. Otherwise, the pound remains to be the official currency of the UK, England, Egypt, and Lebanon, while its counterpart is its colloquial term.