Guinea Charging On The Way Out

Press, Volume CVI, Issue 31161, 10 September 1966, Page 14

Guinea Charging On The Way Out

The traditional (and profitable) practice of stating professional fees in guineas is likely to cease soon, as professional groups prepare for the change to decimal currency.

The Law Society recently abandoned the guinea in its new scale of charges, but the guinea is still widely used in other professions. The guinea dates back to the reign of Charles 11, when the name was given to the new gold piece. It was called a guinea because the gold used for coinage at that time came from Guinea in West Africa. Most general practitioners do not state their fees in guineas, because fees are charged according to the amount above the 7s 6d Social Security refund. But most specialists still use guineas, and there has been no move yet to drop them. A recommended scale of

fees for accountants, which was produced on May 1, did not refer to guineas, unlike the previous scale. However, guineas are still widely used by accountants as a basis for charges. Mr B. F. Anderson, president of the New Zealand Society of Accountants, said it was likely that accountants would simply convert their guinea charges to the equivalent in decimal currency when the time came. For example, 25 guineas would become 52 dollars 50 cents.

Architects do not charge in guineas for any work except advising and valuing. Architectural work is charged' for as a percentage of the cost of the building. A new scale of fees will be introduced before the change day in respect of advising and valuing. Valuers charge for their services in guineas too. The issue will be reviewed at the annual meeting of the Institute of Valuers next April.