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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.
Extended the Bank Notes Act 1833 to make Bank of England notes under £5 in value legal tender; the act also applied to Scotland, making English 10/– and £1 legal tender for the first time. Bank of England withdrew low-denomination notes in 1969 and 1988, removing legal tender from Scotland. 2008 Banking Act 2009: UK
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 The issuing of banknotes by Scottish banks was formerly regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009 ...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 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]
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The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009.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 not strictly 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’.
The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009.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.