Domestic Encyclopædia (1802)/Guinea

GUINEA, a British gold coin, thus denominated, because the precious ore from which the first guineas were coined, was originally imported from the coast of Guinea.

The value or rate of this coin has frequently varied: when first struck, its current price was 20s.; on account of the scarcity of gold, it afterwards advanced to 21s. and 6d.; but its present nominal value is 21s.

If the pound weight (troy) of gold be divided into 89 parts, each of them will be equal to half a guinea, so that 12 ounces contain 44 1/2 guineas.—As this favourite coin is gradually disappearing, we think it superfluous to state its accurate proportion of pure gold and alloy:—it has been confidently reported, that English guineas have lately been exchanged on the Continent, and especially in Hamburgh, at from 24 to 25 shillings. Such temptations, however, will induce only those persons to profit by the opportunity, who are now almost exclusively in the possession of gold, while they accommodate us with paper.