Did You Know?
- Money in Scotland
Scottish banks have issued banknotes continuously since 1695.
Unlike the banks over the Border, where the Bank of England has had a monopoly, the three largest banks in Scotland still design and print their own notes.
Scottish banknotes are used every day and about 95% of the banknotes in circulation in Scotland come from the Scottish banks.
The value of Scottish banknotes in circulation is around £2 billion (about US$3 billion).
Sometimes Scottish notes are taken to England and Wales and, although they are not required to do so, they are now usually accepted by shopkeepers there.
Scottish banknotes are not "legal tender" ie someone owed money can legally refuse to accept them. In Scotland, earlier legislation restricted legal tender status to Bank of England one pound notes. When these were withdrawn, in 1983, the legislation was not amended. So since then, Scotland has had no "legal tender" banknotes but this technicality has not caused any problems!
There are still some Scottish one pound notes in circulation (produced by the Royal Bank of Scotland) and other denominations are £5, £10, £20, £50 and £100.
Scottish banks do not produce coins - the Royal Mint has a monopoly on that.
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