Banknotes of Scotland

Common card · No. 218146

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 circulate 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 1695. The issuing of banknotes by retail banks in Scotland is subject to the Banking Act 2009, which repealed all earlier legislation under which banknote issuance was regulated, and the Scottish and Northern Ireland Banknote Regulations 2009. Currently, only these three retail banks are allowed to print notes for circulation in Scotland. Scottish banknotes are unusual, as they are issued by retail banks (not government central banks) and because they are not legal tender in the United Kingdom — including Scotland, where, in law, no banknotes (including those issued by the Bank of England) are defined as legal tender. Formally, they are classified as promissory...

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