Step into horse racing, and you’ll find it full of quirks. Furlongs, silks, paddocks — and, oddly enough, Guineas.
We live in a world of tap-to-pay and cryptocurrency, but at a horse auction, you might hear a number like “250,000 Guineas” shouted across the ring. Hang on — Guineas? Didn’t those disappear with powdered wigs?
Yes. And no. Let’s walk through the why.
What Exactly Is a Guinea?
A Guinea was a British gold coin used from 1663 until 1813. Back then, it was worth one pound — or twenty shillings. But the value wasn’t fixed. Gold prices shifted, so the coin’s worth did too, eventually stabilizing at 21 shillings (that’s £1.05 in today’s money).
The coin got its name from the Guinea region in West Africa, where a lot of the gold was sourced. A nod to the empire days — though the coin itself no longer circulates.
After 1816, the Guinea was replaced by the pound and the Sovereign, but the name stuck around. Especially in certain professions. Lawyers and doctors often charged in Guineas to make things sound just a little posher. One pound to them, but a bit more from your pocket.
And in horse sales, the term never really left.
So, How Much Is a Guinea Worth Now?
Technically? £1.05. That’s the agreed rate in sales today.
When a horse is sold at auction for, say, 100,000 Guineas, it means the buyer pays £105,000. But here’s the twist: the seller only gets £100,000. The other £5,000 goes straight to the auctioneer as commission.
It’s a sneaky way of baking in a 5% fee — without spelling it out.
You could say it’s a tradition with built-in costs. Some modern auctions quote prices directly in pounds now, but that old Guinea split still lingers behind the scenes.
What’s a Real Guinea Coin Worth?
If you come across a real Guinea, don’t toss it in the glovebox.
Guinea coins are now collectors’ items. The exact value depends on condition, rarity, and date. Some fetch thousands — even tens of thousands — at auction.
For example, R. Ingram (a reputable coin dealer) listed a rare one at £26,000.
Or you can break it down by gold content. A standard Guinea weighed about 8.3 grams and was made from 22-carat gold. At current gold prices, that gives it a melt value of around £400. But don’t melt one down — collectors would wince.
Why Stick With Guineas?
At this point, you might be thinking: surely there’s a simpler way?
There is. But in racing, tradition runs deep. Using Guineas is a nod to history, and frankly, a convenient excuse for the 5% commission.
It also adds a certain flair. “He sold for 300,000 Guineas” just sounds more impressive than pounds. It’s like putting your coffee in a fancy mug. Same drink, fancier vibe.
Races Still Named After Guineas
The word Guinea hasn’t just hung around auctions. It’s also embedded in race names.
Take the the Derby and the St Leger.
Winning all three? Very rare. The last to do it was Nijinsky in 1970. A long time ago.
There’s also the 1,000 Guineas, run for fillies. And both races have been adopted in Ireland and Australia too.
Today’s prize money is much higher than the race’s original purse. For example, the QIPCO 1,000 Guineas in 2019 had a prize of nearly half a million pounds. A bit more than the thousand Guineas promised back in the day.
The Most Expensive Horse Ever Sold
If you think horses only go for hundreds of thousands, brace yourself.
In 2000, Fusaichi Pegasus was sold for a mind-boggling $70 million. That’s not a typo.
This American thoroughbred was a big deal. He’d won the Kentucky Derby that year and had an impressive racing pedigree. His sire was Mr. Prospector — a name known to anyone who follows bloodlines — and his performances on the track made headlines.
He raced just 11 times, winning 6, and placing in several others. His prize earnings? Over $2 million. Not exactly pocket change, but not the main point. His value came from breeding potential.
Still, $70 million raised eyebrows. Many thought it was over the top. Others said it set a new benchmark for what elite horses might cost. Either way, he remains a reference point for jaw-dropping racehorse sales.
A Quick Word on the Great Recoinage
You may have noticed something earlier — the Guinea coin stopped being minted after 1813, but the real shake-up happened earlier.
Between 1696 and 1699, the British currency was in a mess. Silver coins had been clipped and tampered with so much that they were worth far less than their face value. So, the government stepped in.
They launched what’s now called the Great Recoinage. Old coins were recalled. New milled coins — harder to tamper with — were introduced. The man in charge? None other than Sir Isaac Newton, who was the Warden of the Mint at the time.
He wasn’t just good with apples and gravity. He cracked down on counterfeiters and helped restore public trust in coins. The Guinea was one of the coins minted during this period, though it came and went quickly, at least as actual money.
Still Curious? What About the Gold Standard?
If you’re wondering why we don’t peg our money to gold anymore, that’s a whole other kettle of fish.
ers of the gold standard say it keeps inflation in check and stops governments from printing money at will.
Critics argue the opposite — that tying your currency to a metal creates rigidity. It makes it harder to respond in a crisis. And it ties your economy to the whims of gold mining and demand.
The UK — and most other countries — moved away from it during the 20th century. Now, currencies are backed by… well, mostly trust in governments.
Whether that’s comforting or not, I’ll leave to you.
Final Thought
Selling horses in Guineas might sound like clinging to the past. But in racing, the past is part of the charm.
It’s not just about the horses, or the money, or even the thrill of the race. It’s about a long-standing tradition where a bit of history is baked into every transaction — with 5% commission on top.
If nothing else, it’s a reminder that even in fast-paced industries, some things change slowly. And some, like the Guinea, just refuse to leave quietly.