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Scottish banknotes are unusual, first because they are issued by retail banks, not government central banks, and second, because they are not legal tender anywhere in the United Kingdom. Scottish bank notes are not legal tender even in Scotland, where, in law, no banknotes, even those issued by the Bank of England, are defined as legal tender.
In common with a number of other banks in Scotland, the Royal Bank of Scotland has retained the right to issue its own banknotes. It first issued notes in 1727, the same year the bank was founded. The issuing of banknotes by Scottish banks was formerly regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009 ...
Scottish and Northern Irish banknotes are not legal tender anywhere, and Jersey, Guernsey and Manx banknotes are only legal tender in their respective jurisdictions. Although these banknotes are not legal tender in the UK, this does not mean that they are illegal under English law, and creditors and traders may accept them if they so choose.
Scottish banknotes are legal currency and are generally accepted throughout the United Kingdom. However, they are not legal tender; not even in Scotland, where only Royal Mint coins are legal tender. Scottish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes. [2]
The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009. [1] Though strictly not legal tender in Scotland, Scottish banknotes are nevertheless legal currency and are generally accepted throughout the United Kingdom.
Bank of England governor Andrew Bailey said the Queen had been an ‘inspirational figure’.
Scottish banknotes are legal currency and are generally accepted throughout the United Kingdom. Scottish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes. In a narrow technical sense, neither Bank of England notes nor Bank of Scotland notes are legal tender in Scotland ...
The current new polymer £10 note was issued in 2017, [8] and the Committee of Scottish Bankers encouraged the public to spend or exchange older, non-polymer ten pound notes before 1 March 2018. [9] The new design was unveiled in April 2016, and features a portrait of scientist Mary Somerville on the front.