What is a quid?

A quid is a slang term for the British pound sterling (£), the official currency of the United Kingdom. The term "quid" has been used since the early 19th century and is believed to be derived from the Latin phrase "quid pro quo," which means "something for something" or an exchange. The origin of the term "quid" is not exactly clear, but it is believed that it may have come from the practice of splitting a Spanish dollar into eight pieces, which were called "bits." Each bit was worth one shilling, or one-twentieth of a pound, and eight bits equaled one pound, or a "quid." Today, the term "quid" is commonly used among British people to refer to the pound sterling.