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Guinea (coin)
Guinea (coin)
Guinea (coin)
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Five-guinea coin, James II, Great Britain, 1688

The guinea (/ˈɡɪniː/; commonly abbreviated gn., or gns. in plural)[1] was a coin, minted in Great Britain between 1663 and 1814, that contained approximately one-quarter of an ounce of gold.[2] The name came from the Guinea region in West Africa, from where much of the gold used to make the coins was sourced.[3] It was the first English machine-struck gold coin, originally representing a value of 20 shillings in sterling specie, equal to one pound,[2] 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.[4]

In the Great Recoinage of 1816, the guinea was demonetised and replaced by the gold sovereign. Following the Great Recoinage, the word "guinea" was retained as a colloquial or specialised term, even though the coins were no longer in use; the term guinea also survived as a unit of account in some fields. Notable usages included professional fees (medical, legal, etc.), which were often invoiced in guineas, and horse racing 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).[a]

George III, "Spade" issue, 1795

Origin

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The first guinea was produced on 6 February 1663 (362 years ago) (1663-02-06); a proclamation of 27 March 1663 made the coins legal currency. One troy pound of 11⁄12 (0.9133)[citation needed] fine gold (22 carat or 0.9167 pure by weight) would make 44+1⁄2 guineas,[5] each thus theoretically weighing 129.438 grains (8.385 grams crown gold, 7.688 grams fine gold, or 0.247191011 ozt (troy ounces) fine gold).

The coin was originally worth twenty shillings (one pound), but an increase in the price of gold during the reign of King Charles II led to the market trading it at a premium. The price of gold continued to increase, especially in times of trouble, and by the 1680s, the coin was worth 22 silver shillings. Indeed, in his diary entries for 13 June 1667, Samuel Pepys records that the price was 24 to 25 shillings.[6]

The diameter of the coin was 1 in (25.4 mm) throughout Charles II's reign, and the average gold purity (from an assay done in 1773 of samples of the coins produced during the preceding year) was 0.9100. "Guinea" was not an official name for the coin, but much of the gold used to produce the early coins came from Guinea (largely modern Ghana) in West Africa.[7]

The coin was produced every year between 1663 and 1684, with an elephant appearing on some coins[4] each year from 1663 to 1665 and 1668, and the elephant with a howdah on other coins minted from 1674 or 1675 onwards.[4] The elephant, with or without a howdah, was the emblem of the Royal African Company (RAC), which had been granted a monopoly on English trade with Africa in slaves, gold and other goods, from 1672 until 1698; gold imported from Africa by the RAC bore the elephant emblem beneath the monarch's head on the coin.[8]

Seventeenth century

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King Charles II

The obverse and reverse of this coin were designed by John Roettiers (1631–c. 1700). The obverse showed a fine right-facing bust of Charles II wearing a laurel wreath (amended several times during the reign), surrounded by the legend CAROLVS II DEI GRATIA ("Charles II by the grace of God"), while the reverse showed four crowned cruciform shields bearing the arms of England, Scotland, France, and Ireland, between which were four sceptres, and in the centre were four interlinked "C"s, surrounded by the inscription MAG BR FRA ET HIB REX ("Of Great Britain, France, and Ireland King"). The edge was milled to deter clipping or filing, and to distinguish it from the silver half-crown which had edge lettering. Until 1669 the milling was perpendicular to the edge, giving vertical grooves, while from 1670 the milling was diagonal to the edge.

King James II, with elephant and castle under the bust, 1686

James II

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John Roettiers continued to design the dies for this denomination during the reign of King James II. In this reign, the coins weighed 8.5 g (0.27 ozt) with a diameter of 25–26 mm (0.98–1.02 in), and were minted in all years between 1685 and 1688, with an average gold purity of 0.9094. Coins of each year were issued both with and without the elephant-and-castle mark. The king's head faces left in this reign, and is surrounded by the inscription IACOBVS II DEI GRATIA ("James II by the grace of God"), while the reverse is the same as in Charles II's reign except for omitting the interlinked "C"s in the centre of the coin. The edge of the coins are milled diagonally.

William & Mary

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William and Mary

With the removal of James II in the Glorious Revolution of 1688 his daughter Mary and her husband, Prince William of Orange, reigned jointly as co-monarchs. Their heads appear conjoined on the guinea piece in Roman style, with William's head uppermost, with the legend GVLIELMVS ET MARIA DEI GRATIA (William and Mary by the grace of God). In a departure from the previous reigns, the reverse featured a totally new design of a large crowned shield bearing the arms of England and France in the first and fourth quarters, of Scotland in the second quarter and of Ireland in the third quarter, the ensemble having a small shield in the centre bearing the rampant lion of Nassau; the legend on the obverse read MAG BR FR ET HIB REX ET REGINA (Of "Magna Britannia" Great Britain, "Francia" France and "Hibernia" Ireland King and Queen) and the year. By the early part of this reign the value of the guinea had increased to nearly 30 shillings. The guineas of this reign weighed 8.5 g (0.27 ozt), were 25–26 mm (0.98–1.02 in) in diameter and were the work of James and Norbert Roettiers. They were produced in all years between 1689 and 1694 both with and without the elephant and castle; in 1692 and 1693 the mark of the elephant alone was also used.

Following the death of Queen Mary from smallpox in 1694, William continued to reign as William III. The guinea coin was produced in all years from 1695 to 1701, both with and without the elephant and castle, the design probably being the work of Johann Crocker, also known as John Croker, since James Roettiers had died in 1698 and his brother Norbert had moved to France in 1695.

The coins of William III's reign weighed 8.4 g (0.27 ozt) with an average gold purity of 0.9123. The diameter was 25–26 mm (0.98–1.02 in) until 1700 and 26–27 mm (1.02–1.06 in) in 1701. William's head faces right on his coins, with the legend GVLIELMVS III DEI GRATIA, while the reverse design of William and Mary's reign was judged to be unsuccessful so the design reverted to that used by Charles II and James II but with a small shield with the lion of Nassau in the centre, with the legend MAG BR FRA ET HIB REX and the year. The coin had a diagonal milled edge.

Eighteenth century

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Queen Anne

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During the reign of Queen Anne (1702–1714) guineas were produced in all years between 1702 and 1714 except for 1704. The 1703 guinea bears the word VIGO under the Queen's bust, to commemorate the origin of the gold taken from Spanish ships captured at the Battle of Vigo Bay.

With the Acts of Union 1707 creating a unified Kingdom of Great Britain through the union of the Parliament of Scotland with the Parliament of England, the design of the reverse of the first truly British guinea was changed. Until the Union, the cruciform shields on the reverse showed the arms of England, Scotland, France, and Ireland in order, separated by sceptres and with a central rose, and the legend MAG BR FRA ET HIB REG ("Of Great Britain, France, and Ireland Queen") and the year. With the Act of Union, the English and Scottish arms appear conjoined on one shield, with the left half being the English arms and the right half being the Scottish arms, and the order of arms appearing on the shields becomes England and Scotland, France, England and Scotland, Ireland. The elephant and castle can appear on the coins of 1708 and 1709. The centre of the reverse design shows the Star of the Order of the Garter.

The coins weighed 8.3 g (0.27 ozt), were 25 mm (0.98 in) in diameter, and had a gold purity of 0.9134. The edge of the coin is milled diagonally.

The dies for all guineas of Queen Anne and King George I were engraved by John Croker, an immigrant originally from Dresden in the Duchy of Saxony.[9]

George I

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George I: Quarter guinea (1718)

King George I's guinea coins were struck in all years between 1714 and 1727, with the elephant and castle sometimes appearing in 1721, 1722 and 1726. His guineas are notable for using five different portraits of the king, and the 1714 coin is notable for declaring him to be Prince Elector of the Holy Roman Empire. The coins weighed 8.3–8.4 grams and were 25–26 millimetres in diameter, and the average gold purity was 0.9135.

The 1714 obverse shows the right-facing portrait of the king with the legend GEORGIVS D G MAG BR FR ET HIB REX F D (George, by the grace of God of Great Britain, France, and Ireland King, Fidei Defensor), while the later coins bear the legend GEORGIVS D G M BR FR ET HIB REX F D. The reverse follows the same general design as before, except the order of the shields is England and Scotland, France, Ireland and Hanover, with the legend in 1714 BRVN ET LVN DUX S R I A TH ET PR EL ("Duke of Brunswick and Lueneburg, Arch-Treasurer and Prince Elector of the Holy Roman Empire") and the year, and in other years BRVN ET L DUX S R I A TH ET EL ("Duke of Brunswick and Lueneburg, Arch-Treasurer and Elector of the Holy Roman Empire") and the year. The edge of the coin is milled diagonally.

The value of the guinea had fluctuated over the years from 20 to 30 shillings and back down to 21 shillings and sixpence by the start of George's reign. In 1717 Great Britain adopted the gold standard, at a rate of one guinea to 129.438 grains (8.38 g, 0.27 ozt) of crown gold, which was 22 carat gold,[10][11] and a royal proclamation in December of the same year fixed the value of the guinea at 21 shillings sterling. In Ireland the guinea was fixed to a value of 22 (Irish) shillings and ninepence, effectively pegging the Irish pound to sterling at a rate of 13 Irish pounds to 12 pounds sterling.[12]

George II

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George II (two guinea)

King George II's guinea pieces are a complex issue, with eight obverses and five reverses used through the 33 years of the reign. The coins were produced in all years of the reign except 1742, 1744, 1754, and 1757. The coins weighed 8.3–8.4 g (0.27–0.27 ozt), and were 25–26 mm (0.98–1.02 in) in diameter except for some of the 1727 coins which were 24–25 mm. The average gold purity was 0.9140. Some coins issued between 1729 and 1739 carry the mark EIC under the king's head, to indicate the gold was provided by the East India Company, while some 1745 coins carry the mark LIMA to indicate the gold came from Admiral George Anson's round-the-world voyage. In the early part of the reign the edge of the coin was milled diagonally, but from 1739 following the activities of a particularly bold gang of guinea filers for whom a reward was posted, the milling was changed to produce the shape of a chevron or arrowhead. In 1732 the old hammered gold coinage was demonetised, and it is thought that some of the old coins were melted down to create more guineas.

The obverse has a left-facing bust of the king with the legend GEORGIVS II DEI GRATIA (GEORGIUS II DEI GRA between 1739 and 1743), while the reverse features a single large crowned shield with the quarters containing the arms of England+Scotland, France, Hanover, and Ireland, and the legend M B F ET H REX F D B ET L D S R I A T ET E ("King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire").

Unlike the two-guinea and five-guinea coins, production of the guinea continued through much of the long reign of King George III.

George III

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George III, 1775 guinea
George III, spade guinea, 1795

The guineas of King George III weighed 8.4 g (0.27 ozt) and were 25 mm (0.98 in) in diameter, with an average gold purity (at the time of the 1773 assay) of 0.9146 (meaning it contained 7.7 g (0.25 ozt) of gold). They were issued with six different obverses and three reverses in 1761, 1763–79, 1781–99, and 1813. All the obverses show right-facing busts of the king with the legend GEORGIVS III DEI GRATIA with different portraits of the king. The reverse of guineas issued between 1761 and 1786 show a crowned shield bearing the arms of England+Scotland, France, Ireland and Hanover, with the legend M B F ET H REX F D B ET L D S R I A T ET E and the date ("King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire"). In 1787 a new design of reverse featuring a spade-shaped shield was introduced, with the same legend; this has become known as the spade guinea.

In 1774 almost 20 million worn guineas of King William III and Queen Anne were melted down and recoined as guineas and half-guineas.

Towards the end of the century gold began to become scarce and rise in value. The French Revolution and the subsequent French Revolutionary Wars had drained gold reserves and people started hoarding coins. Parliament passed a law making banknotes legal tender in any amount, and in 1799 the production of guineas was halted, although half- and third-guineas continued to be struck. Following the Act of Union between Great Britain and Ireland in 1800, the king's titles changed, and an Order in Council of 5 November 1800 directed the Master of the Mint to prepare a new coinage, but although designs were prepared, the production of guineas was not authorised.

Nineteenth century

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1808 Half guinea – George III

In 1813 it was necessary to strike 80,000 guineas to pay the Duke of Wellington's army in the Pyrenees, as the local people would accept only gold in payment. This issue has become known as the Military Guinea. At this time, gold was still scarce and the guinea was trading on the open market for 27 shillings in paper money, so the coining of this issue for the army's special needs was a poor deal for the government, and this was the last issue of guineas to be minted. The reverse of the military guinea is a unique design, showing a crowned shield within a Garter, with HONI SOIT QUI MAL Y PENSE on the Garter, and BRITANNIARUM REX FIDEI DEFENSOR ("King of the Britains, Defender of the Faith") around the edge, and "1813" between the edge inscription and the garter.

Replacement by the pound

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In the Great Recoinage of 1816, the guinea was replaced by the pound as the major unit of currency and in coinage by the sovereign.

Twentieth century onwards

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After the guinea coin ceased to circulate, the guinea continued in use as a unit of account worth 21 shillings (£1.05 in decimalised currency). The guinea had an aristocratic overtone, so professional fees, and prices of land, horses, art, bespoke tailoring, furniture, white goods and other "luxury" items were often quoted in guineas until a couple of years after decimalisation in 1971.[13] In 2002, Erik Samuelson agreed to be paid the nominal sum of one guinea a year for his role as chief executive of The Dons Trust because "it sounded posher than a pound".[14] Samuelson retired in 2019.[15] The guinea was used in a similar way in Australia until that country converted to decimal currency in 1966, after which it became worth $2.10.

Bids are still made in guineas for the sale of racehorses at auction, at which the purchaser will pay the guinea-equivalent amount but the seller will receive only that number of pounds. The difference (5p in each guinea) is traditionally the auctioneer's commission (which thus, effectively, amounts to 5% on top of the sales price free from commission). Many major horse races in Great Britain, Ireland, Canada, New Zealand and Australia bear names ending in "Guineas", even though the real values of their purses today are much higher than the £1,050 or £2,100 suggested by their names.[b]

Commemorative £2 coin (2013)

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In 2013 the Royal Mint issued a £2 coin to celebrate the 350th anniversary of the minting of the first guinea coin.[16] The new coin was designed by the artist Anthony Smith and features a reworking of the spade guinea from the late 18th century. The edge of the coin contains a quotation from the writer Stephen Kemble: "What is a guinea? 'Tis a splendid thing." This was the first time in the United Kingdom that one coin has been used to celebrate another.[17]

[edit]
  • William and Mary
    William and Mary
  • George I (quarter guinea)
    George I (quarter guinea)
  • George II (two guineas)
    George II (two guineas)
  • George II
    George II
  • George II (half guinea)
    George II (half guinea)
  • George III
    George III
  • George III, "Spade" issue, 1798
    George III, "Spade" issue, 1798
  • George III (half guinea)
    George III (half guinea)
  • George III (half guinea)
    George III (half guinea)
  • George III (third guinea)
    George III (third guinea)

See also

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Notes

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References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Guinea (coin)

View on Grokipedia
from Grokipedia
The guinea was a gold coin minted in the Kingdom of Great Britain from 1663 to 1813, containing approximately one quarter of an ounce of 22-carat gold and nominally valued at 21 shillings sterling. Introduced during the reign of Charles II as the first English machine-struck gold coin, it derived its name from the Guinea region of West Africa, the primary source of the gold used in its production. Initially proclaimed at a value of 20 shillings in 1663, the guinea's worth was soon adjusted to 21 shillings to reflect the rising market price of , establishing it as a premium currency often used for high-value transactions such as fees, sales, and . Denominations including halves, quarters, thirds, and multiples up to five guineas were produced across the reigns of subsequent monarchs, with designs featuring the sovereign's on the obverse and varied symbols like elephants or castles on the reverse to denote . The guinea played a pivotal role in Britain's economy during the , serving as a standard for commerce and remaining in circulation until the introduced the coin at a fixed 20 shillings, rendering the guinea obsolete as though its unit persisted informally in pricing until decimalization in 1971.

Origins and Etymology

Introduction and Naming

The guinea was a minted in from 1663 to 1816, initially valued at 20 shillings (one ) and later adjusted to 21 shillings amid fluctuations in prices. Introduced during the reign of Charles II, it marked one of the earliest instances of machine-struck in , produced at the Tower Mint using imported bullion to facilitate . The coin weighed approximately 8.4 grams, composed of 22-carat , and circulated widely in commerce, including payments for slaves, commodities, and professional fees such as those for physicians and lawyers. The name "guinea" originated from the Coast of , the chief provenance of the gold bullion used in the coin's production, which was procured by the Royal African Company chartered in 1660. This African gold, often stamped with an trademark by the Company to denote its origin, comprised a significant portion of early guinea issues, distinguishing them from coins made with European-sourced metal marked by anchors or plumes. The designation reflected the coin's ties to transatlantic trade networks, where gold from facilitated England's mercantile expansion, though the term itself echoed broader European nomenclature for the region dating to Portuguese explorations in the . Although the guinea's intrinsic value derived from its content, its nominal rating was proclaimed on 27 March 1663, shortly after the first strikes on 6 , establishing it as a stable yet flexible medium in an era of recoinage and metallic scarcity. This persisted through subsequent monarchs, even as sources diversified, underscoring the coin's enduring association with its inaugural African provenance.

Initial Minting in 1663

The guinea coin was first struck at the Royal Mint in on 6 February 1663 during the reign of King Charles II, marking the introduction of Britain's first machine-milled coinage. This innovation stemmed from Charles II's exposure to advanced minting techniques in the during his , prompting the adoption of screw presses and collar dies to produce uniform, edge-marked coins resistant to clipping and counterfeiting, supplanting traditional hammered methods. The coin's name derived from the Guinea Coast of West Africa, the primary source of the gold bullion used, imported via the newly chartered established on 10 January 1663 to facilitate trade in , , and enslaved persons. The , typically 22-carat fine (11/12 purity), weighed approximately 129.4 grains (8.387 grams) per guinea, with one troy pound yielding about 44.5 such coins, each containing roughly one-quarter of pure . Early issues often bore an elephant mark beneath the bust to denote African-sourced metal, reflecting the direct causal link between colonial extraction and domestic currency reform. A royal proclamation on 27 March 1663 established the guinea as valued at 20 shillings, equivalent to one , intended to stabilize trade amid post-Civil War economic recovery and rising gold inflows. The obverse featured a bust of Charles II facing right, inscribed "CAROLVS II DEI GRATIA," while the reverse displayed cruciform shields of and with the motto "MAG BR FRA ET HIB REX," designed by chief engraver John Roettiers to evoke Stuart legitimacy and imperial dominion. These initial mintings addressed the scarcity of reliable gold currency, leveraging African gold to bolster 's mercantile position without reliance on debased silver coinage.

Physical Characteristics

Specifications and Composition

The guinea coin was struck in 22-carat , an comprising 91.67% pure (22 parts in 24) with the balance primarily to enhance durability and prevent excessive wear. This standard fineness was established under the gold standard practices of the Restoration period and remained consistent through the coin's production from 1663 to 1813, yielding an actual fine content of approximately 7.66 grams (0.246 troy ounces) per guinea. The 's composition ensured the coin's intrinsic value closely tracked market fluctuations while maintaining legal tender status equivalent to 44½ guineas per troy pound of fine . The standard weight was fixed at 8.35 grams (129.4 grains), with a of 25 to 26 millimeters, though early issues from 1663 to circa 1717 weighed slightly less at around 8.3 grams due to initial minting variations and adjustments to supply. Post-1717 stabilization aligned the weight precisely to support the guinea's fixed nominal value of 21 shillings, with the edge featuring diagonal milling to deter clipping and counterfeiting. No significant compositional changes occurred over the guinea's run, unlike contemporaneous silver coinage, as the gold alloy's purity was upheld by royal assays and parliamentary acts to preserve trust in the .

Designs and Markings

The obverse designs of guinea coins featured a detailed of the reigning , typically or draped, facing right for male rulers and left for Queen Anne, with surrounding Latin inscriptions such as "CAROLVS II DEI GRATIA" for Charles II (1660–1685), denoting divine grace and royal authority. These portraits, often engraved by John Roettier for early issues, transitioned to later styles like the fifth head for (1760–1820). Reverse designs predominantly showcased heraldic elements, including crowned cruciform shields emblematic of and (combined post-1707 Union), , and , arranged around a central motif like interlinked letters under Charles II or a star under George I (1714–1727). Under George II (1727–1760), the reverse evolved to a single ornate crowned quartered with the royal arms, including Hanoverian elements. 's guineas from 1787 onward adopted a distinctive spade-shaped composite on the reverse, earning the colloquial "spade guinea" designation due to its broad, implement-like outline. Privy marks distinguished gold provenance, with an —symbolizing imports from via African Company—appearing below the obverse bust on guineas from Charles II through James II (1685–1688) and sporadically to (1702–1714), sometimes accompanied by a atop the elephant to denote specific shipments. Rose marks below the bust signified alternative gold sources, such as from the or recoinages, appearing on issues under William III (1689–1702) and successors. These markings ensured traceability amid diverse origins, reflecting the coin's ties to African .

Denominations and Variants

Standard and Fractional Guineas

The standard guinea was the principal denomination of this coin series, minted continuously from 1663 under Charles II until 1813. It consisted of 22-carat weighing 8.35 grams, with a fine content of approximately 7.66 grams (0.246 ounces). Initially valued at 20 shillings, its official rating was raised to 21 shillings in 1717 upon Britain's adoption of the standard, reflecting the premium on over silver. This value remained stable thereafter, making the guinea equivalent to £1 1s. Fractional guineas were produced in half, quarter, and third denominations to facilitate smaller transactions while maintaining the gold standard's integrity. The half guinea, introduced in , mirrored the standard coin's design but halved in weight to about 4.18 grams and value to 10 shillings 6 pence; it was minted sporadically across reigns up to in 1813. The quarter guinea, a short-lived variant weighing roughly 2.09 grams and valued at 5 shillings 3 pence, appeared only in 1718 under George I—at the suggestion of Sir Isaac Newton to align with the silver crown—and again in 1762 under . The third guinea, unique to 's reign from 1797 to 1813, weighed approximately 2.83 grams with a value of 7 shillings; it was struck at 133.5 coins per troy pound of gold to meet demand for mid-range gold currency.
DenominationMinting PeriodsApproximate Weight (g)Nominal Value (shillings)
1663–18138.3521
Half Guinea1669–1813 (intermittent)4.1810.5
Quarter Guinea1718, 17622.095.25
Third Guinea1797–18132.837
These fractions were not minted every year, often in response to economic needs or availability, and shared the guinea's or marks in later issues denoting refined sources.

Rarity and Collectibility

The rarity of guinea coins varies significantly by , date, and variety, with survival rates influenced by circulation wear, melting for , and historical . Early issues from II's (1663–1684) benefited from higher mintages to establish the gold coinage, making them relatively more available today, though uncirculated examples remain scarce due to over 350 years of potential attrition. James II guineas (1685–1688) are notably rarer owing to the short and political instability, with few surviving in high grades; for instance, a 1686 variety featuring the mark commands premiums in numismatic markets. Queen Anne guineas (1702–1714), particularly the "Vigo" issues struck from gold captured at the in 1702, represent exceptional rarity; the five-guinea counterpart is among Britain's rarest coins, with limited production and high collector demand driving values into tens of thousands of pounds for choice specimens. Half-guinea Vigo varieties are even scarcer, with only three certified examples by major grading services like NGC or PCGS, none in mint state. issues (1761–1813), while more plentiful overall due to sustained minting, include rare subtypes such as the 1813 "military" guinea, with mintage estimates ranging from 80,000 to 361,473 but low survival in fine condition. "Spade" guineas from 1798, named for their shape, are collectible for design appeal but not inherently rare. Collectibility stems from the guineas' historical role in British commerce, intrinsic value (approximately 0.246 ounces of 22-carat ), and variety of obverse/reverse designs, including early trademarks like the (indicating African sourcing) and later anchors or roses. Numismatic premiums escalate with condition, as graded by services like PCGS or NGC; a 1798 guinea in MS64 fetched $2,520 at auction in 2020, while common circulated examples trade near melt value around $1,000–$1,500 depending on spot prices. Rare proofs and patterns, such as quarter-guineas under George I, appeal to specialists, often realizing £5,000 or more. Fractional denominations like thirds and halves enhance appeal for type collectors, though low mintages for some (e.g., third guineas) amplify scarcity. Overall, guineas attract investors balancing stability with numismatic upside, with auction houses like Heritage reporting consistent demand for verified rarities.

Economic Role and Valuation

Fluctuations in Value

The guinea coin, introduced in 1663 during the reign of Charles II, was initially assigned a nominal value of 20 shillings, equivalent to one , based on its content and the prevailing bimetallic standard tying to silver coinage. However, quickly caused deviations, as the coin's intrinsic value—derived from African imports and weighing approximately 8.4 grams at 22-carat —often exceeded its amid fluctuations in supply and the deteriorating condition of silver coins. By the late 1660s, rising inflows from elevated its trading premium, with values occasionally reaching 22-24 shillings in transactions. These variations intensified in the 1690s during the , when clipped and worn silver shillings circulated at reduced weight, driving demand for reliable gold alternatives like the guinea. By June 1695, under William III, the guinea's market value had surged to as high as 30 shillings, reflecting a revaluation prompted by silver scarcity and gold's relative abundance from Guinea coastal trade. Government proclamations attempted periodic adjustments, such as reducing it to 22 shillings in 1696, but enforcement proved challenging amid wartime finance and bullion hoarding, leading to persistent volatility until the early . Stabilization occurred in 1717 under George I, when Master of the Mint Isaac Newton recalibrated the gold-silver ratio to 21:1, fixing the guinea's official value at 21 shillings to align with empirical assays of metal contents and curb arbitrage. This adjustment, informed by increased gold production and Newton's advocacy for a gold-based standard, minimized further nominal swings, though the guinea retained a slight premium in professional fees (e.g., auctions, horse sales) due to custom rather than market dictate. From 1717 to its discontinuation in 1814, the value held steady at 21 shillings nominally, but real purchasing power eroded with broader inflation from Napoleonic Wars and colonial trade expansions, dropping its effective worth to under 10 shillings in constant terms by 1813. Such shifts underscored the guinea's role as a barometer for bimetallic tensions, ultimately contributing to the 1816 sovereign's adoption under a pure gold standard.

Contribution to the Gold Standard

The guinea coin facilitated Britain's transition to a gold standard through its 1717 revaluation by Sir Isaac Newton, Master of the Royal Mint. Initially minted in 1663 at a value of 20 shillings using gold imported from , the guinea's worth had risen amid increased gold supplies and market fluctuations under the prevailing bimetallic system. Newton adjusted its official value to 21 shillings to align with prevailing exchange rates, thereby overvaluing gold relative to silver. This valuation shift encouraged the retention and circulation of gold guineas while prompting the export or melting of silver coins, as arbitrageurs exploited the disparity in official versus market ratios. With the guinea standardized at 22-carat crown , the policy effectively pegged the to , rendering silver subsidiary and establishing as the dominant by the early 18th century. The mechanism stabilized domestic without formal , influencing by favoring inflows and setting a precedent for the 1819 legislative commitment to . The guinea's role persisted until the 1816 Great Recoinage, when it was supplanted by the sovereign coin fixed at 20 shillings with a precise content equivalent to 95% of the guinea's, formalizing the standard on the earlier foundation. This evolution underscored the guinea's practical contribution in resolving bimetallism's instabilities through empirical adjustment rather than theoretical .

Historical Usage

Seventeenth Century Developments

The guinea coin was introduced in December 1663 during the reign of Charles II, marking the first machine-milled gold coin produced by the Royal Mint, with a standard weight of 129.4 grains (approximately 8.39 grams) of 22-carat gold and an initial nominal value of 20 shillings. This innovation replaced hammered coinage, reducing counterfeiting and clipping while facilitating smoother trade, particularly overseas transactions linked to gold imports from the Guinea region of West Africa via the Royal African Company, which supplied the raw material and inspired the coin's name and its distinctive elephant symbol beneath the monarch's bust. Minting continued uninterrupted under James II from 1685 to 1688, with designs featuring the king's laureate bust on the obverse and crowned shields on the reverse, though production volumes were lower due to political instability culminating in the . The coin's market value began diverging from its face value amid rising ; by the early years of James II's reign, guineas traded at nearly 30 shillings, reflecting premiums driven by international price dynamics and domestic monetary pressures rather than . Following the accession of William III and Mary II in , guineas incorporated joint conjoined busts of the s—the only instance of dual sovereign portraits on English coinage—while maintaining the elephant mark on select issues tied to African . Value fluctuations intensified in the 1690s, with guineas appreciating by up to 35% in mere months during 1695 amid wartime demands and clipped recoinage strains, underscoring the guinea's role as a precursor amid sterling's silver-based instability. These developments cemented the guinea's utility in high-value commerce, though its variable worth complicated fixed-price accounting until later stabilizations.

Eighteenth Century Circulation

Following the issuance of a royal proclamation in December 1717 by , then Master of the Royal Mint, the guinea's value was officially fixed at 21 shillings, establishing it as at that rate throughout the eighteenth century. This stabilization addressed prior fluctuations driven by gold inflows from and , which had previously elevated its above the nominal 20 shillings. Thereafter, guineas circulated reliably in British domestic transactions, serving as the principal for payments exceeding the capacity of depreciated silver . Guineas were minted extensively under monarchs from William III to , with production encompassing the standard guinea alongside fractional denominations such as halves, , and multiples up to five guineas. Large-scale issuances supported growing economic activity, including the industrial expansion and imperial trade, where guineas facilitated high-value exchanges due to their content of approximately 129.4 grains at 22 carats fine. By the mid-century, under George II, the coin's design evolved to include advanced portraiture and symbols of sovereignty, enhancing its recognition and trust in circulation. In everyday and commercial use, guineas predominated over silver in professional fees, auctions, and international dealings, reflecting 's premium as a amid silver shortages. Their stability post-1717 contributed to monetary consistency, though wear and occasional foreign imports necessitated periodic recoinages; nonetheless, they remained integral to Britain's bimetallic system until the early nineteenth century. Late eighteenth-century issues under , including the distinctive "spade" series from , continued this role amid wartime demands, underscoring the guinea's enduring utility in a expanding .

Nineteenth Century Decline

The guinea's production dwindled in the early nineteenth century amid Britain's wartime exigencies and monetary reforms. Minting ceased after , when a limited issue of approximately 20,000 "military" guineas was struck exclusively to finance the , utilizing scarce gold supplies at a time when the metal's premium value made routine coining unprofitable for the . These final coins bore no marks distinguishing them from prior issues but reflected the guinea's entrenched role in high-value military payments, though their output was minimal compared to earlier peaks of millions annually in the eighteenth century. The formalized the guinea's obsolescence by demonetizing it in favor of the , a new fixed at exactly 20 shillings (£1) and containing 7.322 grams of fine , aligning Britain's currency with a precise . This shift addressed the guinea's longstanding inconvenience—its valuation at 21 shillings had originated from seventeenth-century gold premiums but persisted as an anomaly, complicating arithmetic in an economy increasingly oriented toward decimal-like precision and stability. Sovereigns began circulating in , rapidly supplanting guineas as the standard gold unit, with the latter's irregular weight and value rendering them unsuitable for the post-Napoleonic era's emphasis on fixed convertibility. Circulation of existing guineas declined thereafter, as wear, melting for , and exchange for sovereigns eroded their prevalence; by mid-century, they were largely confined to niche fees (e.g., physicians and auctioneers quoting in guineas to embed a customary premium) rather than general . The coin's physical form thus faded, though its nominal value endured as an accounting unit until decimalization in 1971, underscoring a transition from tangible to symbolic retainer in elite transactions. This decline mirrored broader numismatic rationalization, prioritizing uniformity over the guinea's historical flexibility tied to market fluctuations.

Trade Associations and Controversies

The guinea coin acquired its name from the Guinea region along the West African coast, the origin of much of the gold dust used in its production following the first minting in 1663. British merchants, operating through chartered companies, imported this gold primarily from areas encompassing modern-day Guinea, Sierra Leone, and Ghana, where alluvial deposits yielded high-purity metal traded for European goods like cloth, metalware, and firearms. The Royal African Company, established in 1660 with a monopoly on English trade south of the Sahara, dominated these exchanges, shipping an estimated 100,000 ounces of gold annually by the late seventeenth century to fuel coinage at the Royal Mint. Early guineas under Charles II and subsequent reigns frequently featured the "" mark—a stylized emblem of the Royal African Company—indicating coins struck from African-sourced bullion rather than recycled or domestic . This practice persisted into the 1680s, with issues like the 1686 James II guinea exemplifying the direct tie between West African extraction and British monetary expansion; the mark assured merchants of the coin's fine content, approximately 91% pure and weighing 8.4 grams. By linking coinage to transatlantic commerce, guineas facilitated payments in , their value stabilizing around 21 shillings due to the consistent influx of African that offset domestic silver shortages. The reliance on West African gold underscored causal dependencies in early modern : disruptions in coastal trade, such as conflicts with Dutch competitors or local Ashanti expansions, periodically strained supplies, influencing guinea valuations and prompting mint adjustments. Historical records from company ledgers confirm that between 1672 and 1698, the company alone imported over 2.3 million ounces of , forming the backbone of guinea circulation and Britain's gold reserves. This trade network not only denominated the coin but embedded African resource flows into the fabric of English , enabling the shift from hammered to milled coinage for greater uniformity.

Involvement in Slave Trade

The gold used to mint guinea coins was sourced predominantly from the West African coast, the origin of the coin's name, with imports facilitated by the Royal African Company (RAC) from 1672 onward. The RAC, granted a monopoly on English to by Charles II, imported gold dust alongside enslaved Africans, , and other goods; the company's activities intertwined gold procurement with the slave trade, as African suppliers often exchanged captives for European manufactures obtained via slaving voyages. Historians estimate the RAC transported over 100,000 enslaved people to the between 1672 and 1731, more than any single contemporaneous entity, with gold imports bearing the company's elephant trademark before refining and minting. This dual trade secured both the raw material for guineas—approximately one-quarter ounce of per coin—and the profits that underpinned their economic role. Early guinea issues, particularly under James II from 1685 to 1688, incorporated the RAC's logo beneath the king's effigy, directly emblemizing the coin's ties to the company's African operations, which included slave shipments to English colonies. The RAC's monopoly ended in 1698 amid and scandals over slave trading practices, but guinea production continued using African gold amid the broader Atlantic system, where slave labor generated commodities like that cycled back to fund further imports. While guineas themselves were not primary items for slaves in —where textiles, guns, and iron predominated—their high value (initially 20 shillings, rising to 21 by 1717) made them a key currency in colonial auctions and economies reliant on enslaved labor, equivalent to about 4.67 Spanish dollars in late-18th-century America. The guinea's linkage to reflects causal realities of mercantilist extraction: gold fields, often controlled by kingdoms engaging in captive raids amplified by European demand, supplied mints while slaves fueled downstream profitability, though direct coin-for-slave exchanges in were rare due to gold's export orientation. This association persisted culturally, with "guineaman" denoting slave ships by the , underscoring the coin's embedded role in the triangular trade's imbalances.

Legacy and Modern References

Replacement and Cultural Persistence

The guinea coin was demonetized and ceased production as part of the , which standardized British coinage around the sovereign valued at exactly one (20 shillings), containing 7.98805 grams of compared to the guinea's traditional 21-shilling valuation and slightly higher content of 8.348 grams. The final guineas were minted in 1813 under , after which the Royal Mint shifted to sovereigns, first issued in 1817, to align currency more closely with the emerging and eliminate the guinea's fluctuating premium over the pound. Despite its physical replacement, the guinea endured as a notional equivalent to 21 shillings (£1.05 in post-1971 decimal currency), retaining prestige in transactions involving , , and elite markets due to its historical association with high-status dealings. This persistence stemmed from the guinea's role as a "gentleman's currency," often used for fees charged by physicians, lawyers, and architects, as well as for pricing , estates, and , where the extra shilling premium symbolized quality or exclusivity. In equestrian and contexts, the guinea's legacy proved most resilient, particularly in the sale of racehorses, where bids and prices are conventionally quoted in guineas at major bloodstock auctions like those at or Newmarket. This practice, dating back to the when guineas facilitated trade in high-value animals, allows the auction house to retain the 5% differential (one per guinea) as commission, with buyers remitting £1.05 per guinea while sellers receive £1. The tradition continues unabated in modern British , even after decimalization in rendered pre-decimal units obsolete for everyday use, underscoring the guinea's embedded role in preserving auction economics and cultural norms within the industry. Similar conventions occasionally appear in and sales, though less ubiquitously, reflecting the guinea's adaptation from coin to symbolic pricing standard.

Commemorative Issues Post-1813

Following the discontinuation of the guinea as a circulating in 1813, no further official issues were produced by Mint or British government mints. However, private and commemorative producers revived the design for collector and bullion purposes in the , primarily through the modern , a branding entity distinct from the historical dissolved in 1874. These issues replicate the historical guinea's specifications, including approximately 8.3 grams of 22-carat and designs inspired by 17th- and 18th-century prototypes, but serve no circulating role and carry nominal status in territories such as . In 2016, the released a five-coin commemorative gold set marking the approximate 200th anniversary of the guinea's replacement by the during the Great Recoinage of 1816. Each coin featured reverse designs drawn from historic guineas of Charles II, William III, Queen Anne, George I, and George II, struck to proof quality with limited mintages ranging from 200 to 999 pieces per variety. These were marketed as evoking the Company's historical use of guineas in trade, though produced by modern minting facilities rather than official British ones. Subsequent series expanded on this theme. The 2020 three-coin proof set commemorated the 200th anniversary of King George III's death in 1820, incorporating military-style portraits akin to the 1813 issue and shield reverses, with mintages of 199 pieces per coin. By 2023, a standalone gold proof guinea was issued, emphasizing the coin's legacy in and featuring updated engravings of II-era motifs, limited to 299 examples. These modern guineas maintain the historical valuation of 21 shillings but trade primarily as bullion, with premiums reflecting collector demand rather than .
YearIssue DescriptionKey FeaturesMintage
2016200th Anniversary of Guinea Era End (5-coin set)Historic reverse designs (Charles II to George II); proof finish200–999 per variety
2020 Bicentenary (3-coin set)Military portrait and shield motifs; proof199 per coin
2023Legacy Trade Charles II-inspired engravings; proof299
Such issues underscore the guinea's enduring cultural resonance in , particularly in markets for and gold coins, though their authenticity as "guineas" derives from rather than governmental authorization.

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