So WHY did they call it a Guinea ??
The gold Guinea coin was first issued in 1663, during the reign of Charles II.
It was originally valued at 20 shillings, but this value increased as the price of gold increased.
The last Guinea was issued in 1813. In 1816, when the “Great Recoinage” took place in Britain, the Guinea was replaced with the Pound and the Sovereign.
Despite the fact that the Guinea was no longer in circulation, lawyers and other professions still continued to charge for their services in Guineas for a long while afterwards.
It did however, continue to be used until 1971 as “Money of Account” (when one unit of money is compared against the value of another unit of money).
At that time the Guinea was valued at 21 shillings (£1.05 in today’s money).
So WHY did they call this beautiful coin The Guinea ?
The answer is very simple…
much of the gold being used to produce these coins
came from the ‘Guinea Region’ of West Africa.
It just seemed a good idea to name the coin after the region from which the gold had originated from!