Guineas

[mr-dead]

Been browsing ebay and found myself looking at a few Guineas but I know nothing about them.

Any Guinea experts out there recommend a particular year or type for investment purposes?

[Stu]

Like the look of them and the history but far too numismatic for this stacker. I believe Sov Steve may have some/knowledge of these coins. One thing I did learn just the other week however is that Guineas were considered the unit of account for the gentry of the time, we plebs dealt in pounds (sovs) shillings and pence. This was regardless of how much money was being transacted at the time. 

[HelpingHands]

23 minutes ago, Stu said:

Like the look of them and the history but far too numismatic for this stacker. I believe Sov Steve may have some/knowledge of these coins. One thing I did learn just the other week however is that Guineas were considered the unit of account for the gentry of the time, we plebs dealt in pounds (sovs) shillings and pence. This was regardless of how much money was being transacted at the time. 

That's why whenever I buy a horse at auction I bid in guineas.

 

P.S.  I've never bought a horse.

[sovereignsteve]

3 hours ago, Stu said:

Like the look of them and the history but far too numismatic for this stacker. I believe Sov Steve may have some/knowledge of these coins. One thing I did learn just the other week however is that Guineas were considered the unit of account for the gentry of the time, we plebs dealt in pounds (sovs) shillings and pence. This was regardless of how much money was being transacted at the time. 

Yes some preferred to carry on using the guinea at 21 shillings after sovereigns (20 shillings) were re-introduced in the recoinage of 1817. This was understandable as professional fees were expressed in guineas and livestock auctions conducted in them. They were not withdrawn immediately sovereigns were introduced as their use was so firmly embedded in the fabric of the country.

They are regarded as numismatic in most grades and not as common as sovereigns. There aren't as many collectors as for sovereins but good quality specimens command high prices although they are more difficult to grade and price. The knowledge base isn't as widely available.

I have about 8 - 10 but have picked these up when I can at what I would consider reasonable prices. I have much more confidence in my knowledge of sovereigns and wouldn't pretend to know that much about guineas. I would suggest most people should leave them well alone unless you can pick them up for a small premium or spend the time to research.

There are many on the market that are ex-jewellery and for this reason you should be very vary of ebay coins.

 

[JB3]

I understood that livestock auctions were in guineas, and the shilling on the pound was the auctioneer's cut.

So whatever the animal went for was paid for in guineas, while the seller was paid out in pounds.

 

 

[Cornishfarmer]

32 minutes ago, JB3 said:

I understood that livestock auctions were in guineas, and the shilling on the pound was the auctioneer's cut.

So whatever the animal went for was paid for in guineas, while the seller was paid out in pounds.

 

 

Still happens, mostly with dairy cow auctions. Some buyers don't like because they are paying the commison not the seller.   Most bullocks are now sold in £ now with the seller paying commission of about 3%

[sovereignsteve]

3 hours ago, JB3 said:

I understood that livestock auctions were in guineas, and the shilling on the pound was the auctioneer's cut.

So whatever the animal went for was paid for in guineas, while the seller was paid out in pounds.

 

 

Interesting, you may be right as our resident farmer points out. Whether that has always been the case from the days when the guinea was the main unit of gold currency, I don't know. Perhaps it started to happen as a convenient way of paying auction fees later on after sovereigns were introduced. Bear in mind though that the value of a guinea was only set at 21 shillings as a result of several revaluations due to the price of gold changing.

[Lea79]

I bought my first half Guinea back in January just to indulge my collector side.  I payed 191 quid for it off eBay.  At the same time I bought the 1989 proof half for 295 quid.  The Guinea is by far my favourite.  I'll definitely be getting some more but only as a treat.