Which Scottish Bank Notes Are Legal Tender

According to the Bank of England`s website, more than £6 billion of paper is still in circulation with economist Adam Smith and more than £8 billion of banknotes with engineers Boulton and Watt. That`s over 300 million individual £20 notes and 160 million £50 notes. The question of the unsuccessful use of Scottish money in England is a delicate one. According to a survey, a third of Britons are sure they will not be able to use their Scottish tickets in England. But are they right? The £1 note is currently the smallest denomination of the note issued by the Royal Bank of Scotland. [1] The Bank ceased regular production of £1 notes in 2001; The denomination is still in circulation, although it has rarely been seen in cash transactions since about 2006. [2] But Scottish paper notes are still accepted, according to the Committee of Scottish Bankers, as reported in the Daily Record earlier this year. Our tickets cease to be legal tender when we withdraw them. We usually announce several months in advance the date on which we will withdraw a note. The banknote design process was touted as “working with the Scottish people”, involving a total of 1,178 Scots. Nile HQ,[15] a strategic design firm led the redesign process and De La Rue printed the notes. Each note contributes to an overall theme “Fabric of Nature”.

Given the national importance of the banknotes, Nile HQ invited Scottish designers, photographers and calligraphers to develop the creative concept of the new banknotes (O Street[16], Graven Images[17], Timorous Beasties[18], Stuco[19] and Susie Leiper[20]). While Bank of England banknotes have been in circulation in Scotland since their introduction, Scottish banknotes still exist as legal tender. Although banknotes can be refused by law, as many Englishmen have learned the hard way, many shops, restaurants and bars still accept these notes in Scotland (and England, if the merchant is happy to accept!) and tourists often take them home as a reminder of their visit. Authorities encouraged the public south of the border to distribute them or deposit them at their bank before the September 30 deadline. If, for example, you get change in the form of Scottish banknotes in England, you don`t have to accept them either. By and large, it is up to companies to accept or not these notes, as they are not legal tender. However, people can still exchange them at their bank branch. The shortest answer is yes, but no company is legally obligated to accept your money. In England, no company is legally obliged to accept banknotes printed by Scottish and Northern Irish banks. Many common and secure payment methods such as cheques, debit cards and contactless payment methods are not legal tender. But even here, it makes no difference in everyday life.

The design of polymer banknotes aims to increase protection against counterfeiting, as explained by the SCCB. First, Scottish banknotes are legal tender. However, legal tender is the only method of payment that a creditor must accept when offered in exchange for a debt. Although Scottish currency can be accepted; It is legal for creditors to reject Scottish banknotes if they are offered in exchange for debt. There are also some limitations to the use of small parts. For example, 1p and 2p coins only count as legal tender for an amount of up to 20p. All our polymer banknotes can be checked by paying attention to two important security features: a hologram that changes the image; and transparent windows. So if you can check a face value of the ticket, you can check them all. Demand for paper money increased during the war, and by 1918 the circulation of Scottish banknotes had reached £25 million, compared to just £9.5 million in 1914 and peaking at £29 million in 1920. Although it fell again in the mid-1920s, it “remained at least twice as high as the pre-war circulation.” Legal tender is a very narrow term and refers to coins or banknotes that must be accepted when offered as payment (most often as a means of paying a debt). What is legal tender in England and what has not been debated for a long time.

What counts as legal tender varies across the UK. The fact that banknotes are not defined as legal tender means that they are not withdrawn from circulation in the same way as Bank of England banknotes, which cease to be legal tender at some point. Instead, Scottish banks withdraw old notes from circulation when they are in the bank. All notes still in circulation will continue to be cashed by banks,[5] but retailers may refuse to accept older notes. [6] 1-pound notes are rarely used today. The Royal Bank was the last bank in Scotland to issue £1 notes and ceased production in 2001. In 2015, a new series of polymer banknotes was introduced by the Royal Bank, replacing its £5 and £10 Ilay notes. [2] [17] Following the legacy of the Scottish banknote, the Royal Bank of Scotland is the only bank that continues to produce £1 notes.

Scotland also regularly issues commemorative banknotes to celebrate important historical events. If you try to spend Scottish money in England without success, there is no reason to despair. To make your life easier and get rid of stress, you can exchange them for English banknotes at any major bank. Nevertheless, you shouldn`t have any trouble shopping at major retailers. Scottish banknotes are generally accepted the closer you are to the border (e.g. in Newcastle). They said: “All Scottish banks will start withdrawing paper notes from circulation when polymer notes are issued. In 1968, the design of the Royal Bank`s £1 note underwent its first major change to match the £5 note issue of 1966. For the first time, Royal Bank banknotes no longer bore royal portraits; instead, they bore an illustration of industrialist David Dale, who had been co-teller of the bank`s first office in Glasgow. It was also the Royal Bank`s first colour banknote, which bore the bank`s coat of arms and included a steel security strip. [11] [12] Clydesdale Bank also occasionally issues special edition banknotes, such as a £10 note celebrating the sponsorship by the Scottish team of the 2006 Commonwealth Games. From May 2020, the Royal Bank of Scotland is introducing a new series of notes.

These will be made of polymer. Three (the 5-book, 10 and 20 book notes) have already been published. The £5 note depicts poet Nan Shepherd on the obverse, accompanied by a quote from her book The Living Mountain and the Cairngorms in the background. The reverse shows two mackerel and an excerpt from the Scottish Gaelic poem “The Choice” by Sorley MacLean. [11] The obverse of the 10-pound note shows scientist Mary Somerville with a quote from her book The Connection of the Physical Sciences and Burntisland Beach in the background. The reverse shows two otters and an excerpt from Norman MacCaig`s poem “Moorings.” [12] The obverse of the £20 note depicts entrepreneur Catherine Cranston. The reverse shows two red squirrels and a quote from the Scottish poem “Venus and Cupid” by Mark Alexander Boyd. [13] The obverse of the next £50 note, to be published in August 2021 and now in red to reflect the Bank of England`s £50 notes, features educator Flora Stevenson on the front and an osprey on the reverse. [14] Although the Scottish banknote lost its legal tender after the war, it continues to exist as an important staple in the daily lives of the Scottish people, offering a tangible reminder of the nation`s history and importance during the British War.

Following the announcement of the acquisition of HBOS (parent company of Bank of Scotland) by Lloyds TSB in September 2008, it was confirmed that the new banking company would continue to print banknotes under the name Bank of Scotland. [9] Under the Bank Notes (Scotland) Act 1845, the Bank could have lost its rights to issue banknotes, but by retaining its seat in Scotland, the issue of banknotes continued. In 1727, the Royal Bank of Scotland began issuing twenty shilling notes (equivalent to £1). The first banknotes were monochrome and printed only on one side. The first twenty shilling notes were dated December 8, 1727 and were signed by a bank teller and bore a unique number. The cashier also added by hand the equivalent in old Scottish pounds – a currency that had been abolished 20 years earlier in the Acts of Union of 1707, which united the kingdoms of England and Scotland into the Kingdom of Great Britain. Twenty shillings were equivalent to £12 Scots. The bank continued the custom of including the value in old Scottish pounds until 1792 to encourage acceptance of its banknotes. This series of banknotes was also the first British banknote with a royal portrait, as it featured a vignette of King George II, who ascended the British throne earlier this year.

At that time, printing portraits was a difficult and expensive process, and including a portrait of the king was an effective way against forgery. Banknotes were kept in bundles bound to the bank, similar to modern checkbooks. During distribution, the cashier cut the note with a wavy line; When the note was subsequently presented for payment, a bank employee verified that the note was not a counterfeit note by comparing the cutting edge of the note with the shape of the stub sheet and also checking whether the serial number on the note and the counterfoil matched. [7] Quiz fans might like this: By law, licensed banks are required to hold collateral assets for their banknotes at all times, which can be in the form of special Bank of England notes – amounts can reach £1 million notes (Giants) and £100 million notes (Titans). You can find information on exchanging confiscated banknotes, Scottish and Northern Irish banknotes and other topics in our banknotes section.