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Banknotes of Scotland are the banknotes of the pound sterling that are issued by three Scottish retail banks (Bank of Scotland, the Royal Bank of Scotland and Clydesdale Bank) and in circulation in Scotland. The Bank of Scotland, the oldest bank operating in the country, was the first bank in Europe to successfully print its own banknotes in ...
The pound (Modern and Middle Scots: Pund) was the currency of Scotland prior to the 1707 Treaty of Union between the Kingdom of Scotland and the Kingdom of England, which created the Kingdom of Great Britain. It was introduced by David I, in the 12th century, on the Carolingian monetary system of a pound divided into 20 shillings, each of 12 pence.
Sterling (ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. [3] The pound is the main unit of sterling, [4] [c] and the word pound is also used to refer to the British currency generally, [7] often qualified in international contexts as the British pound or the pound sterling. [4]
Scottish coinage was still in circulation in the later 18th century, but the changeover was made a little easier due to common currency in the nomenclature. Pound Sterling is still translated as Punnd Sasannach (English pound) in Scottish Gaelic [28] Certain old coin names, such as bawbee, [29] continued
Scottish pound may refer to: Banknotes of Scotland , banknotes of the pound sterling (GBP) issued by one of three Scottish banks Pound Scots , the former currency of Scotland until the Acts of Union 1707
Main articles: Banknotes of the pound sterling and Bank of England note issues. Note: The description of banknotes given here relates to notes issued by the Bank of England. Three banks in Scotland and four banks in Northern Ireland also issue notes, in some or all of the denominations: £1, £5, £10, £20, £50, £100.
In 1582 a pound of silver produced 640 shillings, but in 1601 it was 960 and the exchange rate with England was £6 Scots to £1 sterling in 1565, but by 1601 it had fallen to a notional value of £12. Wages rose rapidly, by between four or five times between 1560 and the end of the century, but failed to keep pace with inflation.
The pound sterling banknotes in current circulation consist of Series G Bank of England notes in denominations of £5, £10, £20 and £50. The obverse of these banknotes issued through 4 June 2024 feature the portrait of Elizabeth II originally introduced in 1990.