One Guinea is the equivalent of £1.05, with both the 1000 and 2000 Guineas being named according to their original prize funds.
A Guinea used to be equivalent to 21 shillings when the races were first run in the early 1800s.
The 2000 Guineas is a flat race for three-year-old colts ran at Newmarket, usually in May each year, over a distance of one mile. The race is open to fillies, but their participation is very rare.
Meanwhile, the 1000 Guineas is run under the same conditions just for fillies.
The Irish equivalent of both races are held at the Curragh annually.
This year's English renewal is being run later than usual due to the coronavirus pandemic.
Racing returned across the water earlier this week, with the 2000 Guineas taking place on Saturday, June 6 and the 1000 Guineas on Sunday, June 7.
The Irish 2000 Guineas will take place on Friday, June 12, with the 1000 Guineas being ran the following day.
