Scottish fact of the day: Scottish banknotes
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 When legislation restricting legal tender status to Bank of England one pound notes was withdrawn, no amendments were made - which might explain why some Scots have a hard time using Scottish notes in England!