Why Are Horses Sold in Guineas? Tattersalls' Old Currency Explained

Every October, the yearling sales in Newmarket fill the racing news with prices like "650,000gns," and newcomers ask the same thing: why are horses sold in guineas? On Oct. 13, 2026, Tattersalls October Book 2 gave everyone a fresh reason to ask, with a record session topped by a Lope De Vega colt from Yeomanstown Stud. This guide explains the old currency, the math and the auction jargon, so you can read any European sale headline with confidence.

Why are horses sold in guineas? The short answer

Horses are sold in guineas because British bloodstock auctions kept an 18th-century custom: pricing horses and other luxury goods in a gold coin worth 21 shillings, which is £1.05 in today's money. Tradition says the extra 5p in every guinea paid the auctioneer, so the habit stuck long after the coin disappeared.

When you see 650,000gns, read it as £682,500. The "gns" is just the abbreviation for guineas.

The custom is strongest at Tattersalls in Newmarket, England, Europe's biggest bloodstock auction house. Irish sales such as Goffs trade in euros. U.S. sales such as Keeneland and Fasig-Tipton use dollars.

What happened at Tattersalls Book 2 on Oct. 13, 2026

The second day of October Book 2 was the strongest single Book 2 session on record, according to the Thoroughbred Daily News (TDN). The top lot was a Lope De Vega colt out of the mare Silk Bow, offered by Yeomanstown Stud. Richard Brown of Blandford Bloodstock signed for him at 650,000gns, the day after he also bought the Day 1 top lot, a 600,000gns Blue Point colt.

Other big prices on the day:

• A Blue Point filly from Croom House Stud, 600,000gns, bought for American interests (Determined Stud with agent David Ingordo).
• A Lope De Vega half-brother to Breeders' Cup winner Victoria Road, 525,000gns, to Rabbah Bloodstock.
• A Sea The Stars filly, 440,000gns, to trainer Paddy Twomey.
• A Little Big Bear colt, 400,000gns, to Godolphin.

With one day still to go, TDN put the Book 2 average to date at 119,136gns (+11%) and the median at 85,000gns (+6%). For the record-breaking Book 1 session the week before, see our Tattersalls October Yearling Sale story.

What is a guinea in horse racing? A 360-year-old coin

The guinea was a gold coin first struck in 1663 under King Charles II. According to the Royal Mint, the nickname came from the Guinea Coast of West Africa, which supplied much of the gold.

Its value moved with the price of gold until 1717, when Sir Isaac Newton, then Master of the Mint, fixed it at 21 shillings. A pound was 20 shillings, so a guinea was always one shilling, or 5%, more than a pound.

The coin left circulation in 1814 and was replaced by the gold sovereign after the Coinage Act of 1816. In the 18th and 19th centuries, high-value goods such as horses, livestock and furniture were commonly priced in guineas, and bloodstock auctions kept the habit.

Racing has two famous reminders of the coin:

• The 2000 Guineas, first run at Newmarket in 1809.
• The 1000 Guineas, first run in 1814.

Both races were named after their original prize money. If you follow the fillies' classic trail, our Fillies' Mile 2026 story shows how the 1000 Guineas still shapes the season.

Who gets the extra 5%? Commission explained

The classic explanation is simple. The buyer bids in guineas, the seller thinks in pounds, and the auction house keeps the difference: one shilling, or 5p, per guinea.

Modern sales are run by written conditions of sale rather than folklore. Tattersalls' published terms state that its auctions are conducted in guineas and that the vendor pays Tattersalls commission of 5% of the price of each lot sold. Horses that fail to sell and are recorded as "bought in" can be charged less, but the reduced rate depends on the sale, so check the conditions for that auction.

In plain terms, a 5% commission on 650,000gns (£682,500) is £34,125. That leaves the seller roughly £650,000 before other costs. Sellers also pay entry fees, and since 2025 British sales have collected a £3 per lot levy from both vendors and buyers for the Retraining of Racehorses charity.

Rates, VAT and buyer charges can vary by sale and by where you are based. Before you buy or sell, read the current conditions of sale for that exact auction, and ask your agent or the sale company what you will pay.

How to convert guineas to pounds, dollars and euros

You only need one number: 1.05.

1. Guineas to pounds: multiply by 1.05. 650,000gns x 1.05 = £682,500.
2. Pounds to guineas: divide by 1.05. £105,000 / 1.05 = 100,000gns.
3. Pounds to dollars or euros: use the exchange rate on the sale day, because currency moves change the headline.

In mid-October 2026, the pound was worth about $1.32 to $1.33, and the European Central Bank's reference rate on Oct. 13 was 0.8446 pounds per euro. At those rates, the 650,000gns colt cost roughly $904,000 or €808,000.

Dollar figures use about $1.325 per pound and are rounded. Recheck the rate when you read about a later sale.

Auction terms you'll see in every sale report

Turnover

The total value of all horses sold in a session or a whole sale. Book 2's Day 2 turnover was 27,380,000gns, or about £28.7 million.

Average

Turnover divided by the number of horses sold. A few very expensive horses can pull the average up a lot.

Median

The middle price: half the horses sold for more, half for less. Many breeders watch the median because it shows how the "typical" horse sold, not just the stars.

Clearance rate

The share of horses offered that actually sold. A 90% clearance means 9 in 10 found a buyer. The rest were usually "bought in," meaning bidding stopped below the seller's reserve price.

Book 1, 2, 3 and 4

Tattersalls splits its October Yearling Sale into catalogues called Books, roughly by pedigree and expected price. Book 1 carries the most select yearlings. Book 2 is still a deep, high-quality sale, while Books 3 and 4 offer more value, and their yearlings are eligible for two £200,000 Tattersalls auction races at Newmarket.

Bought in and vendor

The vendor is the seller, often a stud farm or consignor. A horse that is bought in didn't reach its reserve and goes home unsold, although private deals sometimes follow.

Want more trade terms? Our glossary covers the basics, and our explainers on pinhooking, breeze-up sales and stud fees show how yearlings get valued in the first place.

What to watch next, and a quick checklist

Book 2 closes today, Oct. 14. Tattersalls has scheduled Book 3 for Oct. 15-16 and a short Book 4 to follow on Oct. 16. Final results for those sessions aren't in yet, so check Tattersalls and the trade press for the official figures.

When the next European sale makes headlines, run through this checklist:

• Check the currency. "gns" means guineas (Tattersalls), "€" usually means an Irish or French sale, and "$" means a U.S. sale.
• Multiply guineas by 1.05 to get pounds, then convert at that day's exchange rate.
• Compare like with like. A Book 3 yearling and a Book 1 yearling sell into very different markets.
• Look at the median and clearance, not just the top lot. They tell you how ordinary sellers did.
• Read the conditions of sale if you're ever buying or selling. Commission, VAT and vet rules are spelled out there.

Comparing with America? Our Keeneland September Yearling Sale guide shows how the biggest U.S. auction reports its numbers.