Scotland Money

Old Nov 4th, 2003, 02:52 PM
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Scotland Money

I know this may be a dumb question but I have never travelled to Great Britain so I don't know. Scotland has their own money but it seems as though most everywhere in Great Britain they use the Great Britain Pound. I just wanted to know if I should just exchange for GBP or get both the Scotland Pound & GBP.


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Old Nov 4th, 2003, 03:08 PM
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Not a dumb question at all. Actually though Scotland does have its own money it is printed with Bank of Scotland and different historical figures.. (if I recall correctly) however, it carries the same value as the English pound sterling and you need not exchange it. They are mutually accepted. (though it's not the same thing at all, it's similar to those "state quarters" that came out in the U.S, though each one has a different state/engraving on it, they are all equal to the same amount and can be used in any of the states).
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Old Nov 4th, 2003, 03:16 PM
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The banknotes are different but they are worth exactly the same...£5 is £5 whether it is a Bank of England bank note or a Bank of Scotland bank note.

The only problem is you will never have any difficulty using English bank notes in Scotland but many merchants in London are a bit leery of accepting Scottish bank notes and you might have to exchange on a 1:1 basis Scotish bank notes for English ones. I do not believe the coins are different.

One other point, until very very recently, the Bank of Scotland continued to issue £1 bank notes (I think those days are over now) long after the Bank of England did away with £1 bank notes. Saves their treasuries a lot of money; something the US is not keen on doing for I guess tradition. But I believe the $1 US bank note is the lowest valued paper currency circulating in the world today. Our treasury could save millions if only it would join the 23rd century.
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Old Nov 4th, 2003, 09:42 PM
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There was a great thread on this a couple of years ago. You will find it at:-

Having researched it at the time this was my tuppenceworth.

All Scottish banks have the right to print their own notes. Three choose to do so: The Bank of Scotland (founded 1695), The Royal Bank of Scotland (founded 1727) and the Clydesdale Bank (owned by National Australia Bank). Only the Royal Bank prints pound notes. All the banks print 5,10,20,50 etc notes.

Scottish bank notes are not legal tender in Scotland. English bank notes of denomination less than 5UKP were legal tender in Scotland under the Currency and Bank Notes Act 1954. Now, with the removal of BoE 1UKP notes, only coins constitute legal tender (in one pound denominations)in Scotland.

English bank notes are only legal tender in England, Wales, The Channel Islands and the Isle of Man. In Scotland, 1 pound coins are legal tender to any amount, 20ps and 50ps are legal tender up to 10 pounds; 10p and 5ps to 5 pounds and 2p and 1p coins are legal tender to 20p (separately or in combination). 2 pounds coins and (if you can get hold of one) 5 pound coins are also legal tender to unlimited amounts, as are gold coins of the realm at face value (in Scotland at least).

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Old Nov 4th, 2003, 10:28 PM
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The simple rule: If in Scotland (or Northern Ireland), get rid of Scottish/NI notes before you leave. English retailers hate them (because, believe it or not, banks in England charge retailers a fee for accepting these notes)

To add to the fun:

The UK also produces "regional" pound coins and postage stamps: several denominations of stamp carry Scottish/Welsh etc symbols, and are sold only the region concerned, and pound coins ditto.

These, however, are accepted unquestioningly throughout the UK.

Confusing tourists is not the main purpose of all this: just a pleasant side-effect.
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