Although Guinean coins had not been produced for a long time, prices often continued to be quoted in Guinea until British prices became decimal in 1971. One guinea was worth £1.1 (one pound and one shilling). This equates to £1.05 in modern currency. The French franc was introduced to French Guinea in the 1800s, when Guinea was part of Senegal. The Bank of West Africa issued its own banknotes (XAOF) from 29 June 1901. Banknotes and coins of the Banque de France (FRG) were also authorized to circulate in West French Africa, and all metropolitan France funds became legal tender in West French Africa on 8 August 1920. In terms of monetary value, the initial value of one guinea was equivalent to one pound or twenty shillings. However, its value depended on the gold trade, which fluctuated greatly during the reign of the merry monarch. In the 1680s, the price of the Guinea coin was marked at 22 shillings. However, several reports from people who lived during this period stated that the value of one guinea could sometimes reach 25 shillings. In 1774, nearly 20 million used guineas were melted down by King William III and Queen Anne and turned into guineas and half guineas. After the Guinea coin ceased circulation, the Guinea coin continued to be used as a unit of account worth 21 shillings (£1.05 in decimalised currency).
Guinea had an aristocratic connotation, so professional fees and prices for land, horses, art, custom tailoring, furniture, appliances, and other “luxury items” were often quoted in Guinea until a few years after decimalization in 1971. [12] Guinea was used similarly in Australia until that country was converted to decimal currency in 1966, after which it became a value of 2.10 Australian dollars. Towards the end of the century, gold began to become scarce and increase in value. The French Revolution and the French Revolutionary Wars that followed had depleted gold reserves and people began to accumulate coins. Parliament passed a law making banknotes of any amount legal tender and in 1799 the production of guineas was stopped, although half and third Guineas continued to be minted. After the Act of Union between Great Britain and Ireland in 1800, the king`s titles changed, and a council decree of 5 November 1800 ordered the master of the mint to prepare a new currency, but although drawings were prepared, the production of guineas was not approved. The Guinea play may have long since disappeared, but its complex history remains to be appreciated by students. The stamps of all the guineas of Queen Anne and King George I. were stitched by John Croker, an immigrant from Dresden in the Duchy of Saxony. [9] In 1813, 80,000 guineas had to be defeated to pay the Duke of Wellington`s army in the Pyrenees, as the inhabitants only accepted gold as a means of payment. This problem became known as Military Guinea.
At that time, gold was still scarce and guinea was traded on the open market for 27 shillings of paper money, so minting this number for the special needs of the army was a bad deal for the government, and it was the last issue of guineas to be minted. The reverse of military Guinea is a unique design that features a crowned shield in a garter, with HONI SOIT QUI MAL Y PENSE on the garter and BRITANNIARUM REX FIDEI DEFENSOR (“King of Great Britain, defender of the faith”) on the edge and “1813” between the inscription on the edge and the garter. In the Great Mint of 1816, Guinea was demonetized and the word “Guinea” became a colloquial or specialized term. Although the coin itself no longer circulates, the term Guinea has survived as a unit of account in some areas. Notable uses included professional fees (medical, legal, etc.), often charged in Guinea, as well as horse and greyhound racing[2] and the sale of rams. In each case, a guinea meant an amount of one pound and one shilling (21 shillings, £1.05 in decimal notation). Unlike the two Guineas and five Guineas coins, Guinean production continued for much of King George III`s long reign. As soon as enough gold could be mined in Africa, Europe`s greedy gold prices, which had long depended on silver as the standard of precious metals, were finally able to mint gold coins for circulation.
In England, the first golden Guinea was minted during the reign of Charles II, also known as the Merry Monarch. Guinea introduced its franc (GNI) at the same level as the CFA franc on 2 October 1958. March 1, 1960, when it withdrew from the franc zone. The syli (GNS) replaced the franc at its nominal value on 2 October 1972 by 1 syli equal to 10 francs. On 6 January 1986, Guinea issued a new franc (GNF). Although it was officially issued at parity with the syli, the introduction of the franc was accompanied by a currency depreciation of 92.47%. The Bank of the Republic of Guinea issued banknotes between 1958 and 1960, and the Central Bank of the Republic of Guinea issued banknotes from 1 March 1960. The Guinea coin remained a monetary unit for two hundred years before being replaced by the sovereign in the 1800s. In 1816, Guinea was officially replaced by the pound sterling as the standard currency in the British Empire. The United Kingdom has a long and illustrious history of its currency. Before decimalization, the event where the country switched to coins with denominations divisible by 10, the UK had a dizzying range of coins.
Some of these coins have been completely abandoned, while others have simply changed value. For example, the value of one shilling has risen from 12 pence to 5 pence. But the unity of the British currency had long since disappeared before the early years of Churchill`s career. This monetary unit was the Guinea coin. The name “Guinea coin” is derived from the region where English merchants mined the gold they needed to produce the currency in the first place. The Guinea region of West Africa is culturally rich and home to several indigenous peoples. Examples of art and artifacts from the region show his skills in metallurgy and forging. In the Great Mint of 1816, Guinea was replaced by the pound sterling as the main monetary unit and in the currency by the sovereign. Since a guinea was close to one pound, the fixing of prices in guineas made the price appear lower. A price of 39 guineas might look like “around £39”. In fact, it`s almost £41.
Prices in Guinea were traditionally used for luxury goods before decimalization. Savile Row tailors, bespoke shoemakers, jewelers and expensive cars have always been charged in Guinea.
