Scottish fact of the day: Scottish banknotes

Published on 11/07/2012 18:14

SCOTTISH banks have produced banknotes continuously since the end of the 17th century (1695 to be exact), with the Royal Mint having a monopoly on coins.

As much as 95% of banknotes in circulation in Scotland are from Scottish banks, working out at around £2 billion in total value. The monopoly on banknotes held by the Bank of England south of the border doesn’t apply in Scotland, and all three major Scottish banks still produce their own notes. However, Scottish banknotes are not ‘legal tender.’ When legislation restricting legal tender status to Bank of England one pound notes was withdrawn, no amendments were made - which might explain why some Scots have a hard time using Scottish notes in England!