The slang word quid probably comes from the Latin 'quid pro quo', which means 'something for something'. Until the 19th century all banks not just the Bank of England issued notes when you deposited gold with them.
They gave a note saying 'I promise to pay the bearer on demand the sum of 1 pound (of gold) or later 5 pounds or 10 pounds. The notes were quid pro quo (something for something).
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