Horse racing?

Question

what does Guineas mean in racing

Answer 1

It's the 2 English Classics

2000 Guineas

It was first run in 1809 and takes its name from the original guaranteed prize fund of 2,000 guineas (worth approx. £110,000 today — 1 guinea = £1 1s, or £1.05).

1000 Guineas

It was first run in 1814 and is the fillies' equivalent of the Two Thousand Guineas. As with that race, it takes its name from the original guaranteed prize fund on offer (1 guinea = £1 1s, equivalent to £1.05).

Answer 2

I think its £1 and 1 shilling (5p).  It's a term from the old days but has just been kept for racing.

Answer 3

As has already been said, the 2,000 Guineas and 1,000 Guineas take their name from the original amount of money on offer to the winner.

These days Tattersalls Sales in Newmarket still sell horses in Guineas (1 Guinea = £1.05) and take the 5p as their commission.  Therefore, if a horse sells for 1,000,000 Guineas the seller gets £1million and Tattersalls get £50,000.

Answer 4

The guinea coin of 1663 was the first British machine-struck gold coin. The coin was originally worth one pound, which was twenty shillings; but rises in the price of gold caused the value of the guinea to increase, at times as high as thirty shillings. The name, which was an unofficial name for the coin, came from Guinea in Africa, where much of the gold used to make the coins originated.

Although the coin is no longer current, the term guinea survives in some circles, notably horse racing, to mean an amount of one pound and five pence in decimalised currency (equivalent to 21 shillings). The guinea is also currently a common engagement gift in India. "Guinea" (جنيه) is also the Egyptian Arabic name for the currency in Egypt – the Egyptian pound.