1 Guinea in Pounds: £1.05 Today, Plus the Gold Coin Value
1 guinea = £1.05 — that's 21 shillings, the historic currency phrase still used today by auction houses, classic horse races and traditional professional fees. It's 5% above a pound (the built-in commission origin). As a physical coin, the gold guinea (struck 1663–1813) is a different story: worn 18th-century guineas trade at £800–1,500, and the famous 1813 Military Guinea reaches £15,000+ in mint state. This guide covers both: the modern currency conversion (including 1,000 guineas = £1,050 and 100 guineas = £105), the physical coin's gold content and rarity, and where guineas survive in 2026 usage.
| Guineas | In pounds (decimal) | In pounds (£sd) |
|---|---|---|
| 1 guinea | £1.05 | 21 shillings (1 pound 1 shilling) |
| 2 guineas | £2.10 | 2 pounds 2 shillings |
| 5 guineas | £5.25 | 5 pounds 5 shillings |
| 10 guineas | £10.50 | 10 pounds 10 shillings |
| 50 guineas | £52.50 | 52 pounds 10 shillings |
| 100 guineas | £105.00 | 105 pounds |
| 500 guineas | £525.00 | 525 pounds |
| 1,000 guineas | £1,050.00 | 1,050 pounds (the Newmarket Classic prize unit) |
| 2,000 guineas | £2,100.00 | 2,100 pounds |
The modern "guinea" usage
The guinea no longer exists as a coin or banknote, but the 21-shilling unit (= £1.05) survives in three contexts:
- Classic horse racing: the "1,000 Guineas" (£1,050) and "2,000 Guineas" (£2,100) at Newmarket retain their guinea-denominated names.
- Auction commission: traditional UK auction houses quote prices in guineas, with the 5% above-pound mark-up serving as auctioneer\'s commission. Hammer at "100 guineas" = £100 to seller, £5 to auctioneer, £105 total to buyer.
- Professional fees: doctors, dentists and lawyers historically quoted fees in guineas with the 5% premium covering admin/commission. Almost extinct today but persists in some traditional firms.
The physical guinea coin (1663-1813)
The guinea was struck in 22-carat gold continuously from 1663 (Charles II) to 1813 (George III). Standard specifications:
| Property | Value |
|---|---|
| Gross weight | 8.39 g |
| Pure gold content | 7.69 g (22-carat, .9167 fine) |
| Troy ounces of pure gold | 0.247 oz |
| Diameter | 25.4 mm |
| Original face value | 21 shillings (£1.05 in modern decimal) |
| Composition | 91.67% gold, 8.33% copper |
Why "guinea"? The first guineas were struck from gold sourced via the Royal African Company\'s trade with the "Guinea coast" of West Africa — modern-day Ghana, Guinea-Bissau and surrounding regions. The name persisted even as gold sources diversified throughout the 18th century. The guinea was always an unsteady denomination; the 1717 reform under Sir Isaac Newton set the rate at 21 shillings (£1.05) where it remained until the coin was replaced by the sovereign in 1817.
The 1813 Military Guinea
The 1813 Military Guinea (also called the "Soldier\'s Guinea") is the most famous and most-collected guinea date. Mintage 80,000. Struck specifically to pay British soldiers during the Peninsular War — the British Army needed gold currency to operate in Spain and Portugal where Bank of England paper notes were not accepted. Many 1813 Military Guineas were exported and never returned to Britain, reducing UK survival rates and increasing collector premiums today. The 1813 Military Guinea is the last guinea ever struck for circulation; production then paused while the Royal Mint prepared the sovereign denomination (introduced 1817). The 1813 Military Guinea trades at £1,200-15,000 depending on condition and grade.