Scottish pound notes

[wigantojapan]

Looks like you better changing all these English pound notes to the monopoly money of Scottish pounds

Exchange booths rate Scottish pound higher than English notes, cheering independence backers amid fight with London on currency.http://www.scmp.com/node/1224903

[54321]

UNless you are in Thailand were the English pound usually is worth 20 satang more than the monopoly money you refer to.

[sandyf]

Scotland's Royal Bank of Scotland new 5-pound Ryder Cup commemorative polymer note reported

Jun 16, 2014 01:50 PM Category: Europe | Commemorative

According to a BBC article dated 15 June 2014, the Royal Bank of Scotland has unveiled the design of a new 5-pound note commemorating the Ryder Cup. The notes will be available to ticket-holders of the golf tournament which takes place at Gleneagles in Perthshire in September. The note will be legal tender, though it will be sold as a numismatic product for £20.

The note will be printed by G&D on hybrid substrate with a see-through window in the shape of the Ryder Cup trophy, and will be the first to bear the signature of new RBS chief executive Ross McEwan.

[i claudius]

Many places do not want the Scotish pound note ,better to bring Britiah ones here to Thailand.

[koo]

Isn't RBS a commercial bank? And yet they print their own money?

[Skint]

To say Scottish money is worth less is just stupid, <deleted> off you English <deleted>

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[Zoom3]

To say Scottish money is worth less is just stupid, <deleted> off you English <deleted>

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Yes and they want us to stay with them in the referendum

[Zoom3]

Many places do not want the Scotish pound note ,better to bring Britiah ones here to Thailand.

Can exchange at the RBS in South Sathorn Road if need be

[MMarlow]

Isn't RBS a commercial bank? And yet they print their own money?

Yes, and a couple of other Scottish banks but they are all backed by English pound notes.

[Baerboxer]

To say Scottish money is worth less is just stupid, <deleted> off you English <deleted>

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Very intelligent response, almost neanderthal.

Sottish bank notes are not as universally accepted as Bank of England notes. RBS nearly went bust and was saved by the UK tax payers. So the words " I promise to pay the bearer" wouldn't have meant much had they not been rescued. Other countries perceived that as a real issue, that Scottish notes were not so securely underwritten as English note. Even though, the reality is all the notes were supported by the Bank of England as the UK's primary treasury.

HK money changers used to offer a slightly lower rate for Scottish notes and I have had trouble getting them even accepted in some countries (including England).

In reality it is worth exactly the same if returned and used in the UK.

Too many Scots are allowing their emotions and to be swayed by notions of a romanticized past. The world is a more brutal rapidly changing globalized IT driven place than when Highlanders pranced around in kilts.

[Baerboxer]

To say Scottish money is worth less is just stupid, <deleted> off you English <deleted>

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Yes and they want us to stay with them in the referendum

Do they? As anyone asked the people of England, Wales and Northern Ireland if they want Scotland in or out?

Doesn't seem very democratic that 3 nations out of 4 are not being asked or allowed to vote does it?

An independent Scotland, under president Salmon as part of an increasing federal Europe (if they ever let us back in that is). What a wonderful vision......... not.

[sandyf]

Isn't RBS a commercial bank? And yet they print their own money?

When I was young there were a few more Scottish banks than there are now and they all had there own banknotes.

Bear in mind that Bristol has its own currency.

1. The Bristol Pound (£B ) is a form of local alternative currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local Bristol businesses. As of September 2012 it is the largest alternative in the UK to the official sterling currency.

Edited June 22, 2014 by sandyf

[SheungWan]

Isn't RBS a commercial bank? And yet they print their own money?

When I was young there were a few more Scottish banks than there are now and they all had there own banknotes.

Bear in mind that Bristol has its own currency.

1. The Bristol Pound (£B ) is a form of local alternative currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local Bristol businesses. As of September 2012 it is the largest alternative in the UK to the official sterling currency.

Scottish banks only have the right to print Scottish banknotes under license from the Bank of England. That is the only reason I would accept one at face value. As for Bristol, none of us really care what weird things go on in the provinces. Mind you there was an English madam who used to accept LVs in lieu of cash at her brothel. LVs: those were the days.

[sandyf]

Isn't RBS a commercial bank? And yet they print their own money?

When I was young there were a few more Scottish banks than there are now and they all had there own banknotes.

Bear in mind that Bristol has its own currency.

1. The Bristol Pound (£B ) is a form of local alternative currency launched in Bristol, UK on 19 September 2012. Its objective is to encourage people to spend their money with local Bristol businesses. As of September 2012 it is the largest alternative in the UK to the official sterling currency.

Scottish banks only have the right to print Scottish banknotes under license from the Bank of England. That is the only reason I would accept one at face value. As for Bristol, none of us really care what weird things go on in the provinces. Mind you there was an English madam who used to accept LVs in lieu of cash at her brothel. LVs: those were the days.

Showing your age now, no doubt some one will ask what an LV is.

[nkg]

um, deleted ...

Edited June 22, 2014 by nkg

[Suradit69]

Many places do not want the Scotish pound note ,better to bring Britiah ones here to Thailand.

Yes, the only thing any currency exchange or bank in Thailand can do with foreign currency is to sell it to someone who wants it in exchange for baht. That's why the buy/sell spread is wider for currencies that are not often bought & sold. If they can't be sold quickly it becomes an inventory expense to just hold onto them.

That's the same reason they don't want torn, dirty or otherwise damaged bills. They may still be legal currency, but the bank or currency exchange will find it difficult/impossible to sell them to anyone since the customers will want clean crisp notes. There have been threads started by some irate posters who think a torn 5 pound note must be accepted by a bank or currency exchange in Thailand because it's legal tender back in UK. This isn't UK.

[Suradit69]

Isn't RBS a commercial bank? And yet they print their own money?

"It just so happens that through historical precedent the four issuer banks in Scotland (mainly because the English would always demand tax in English sterling) back every Scottish note they issue with an English note or coin in the reserve at the Bank of England."

The Scottish pound myth

Posted on March 16, 2014

I keep running into this conversation so I figured I’d sum it up here.

In the UK there is a very popular myth that Scottish pound notes are legal tender in England.

They are not.

If you don’t believe me just check out the BoE website where the fact is set out clearly.

There is also a popular myth that the UK has some say in what currency the Scottish get to keep.

They don’t.

The truth is that Scottish pounds are already technically quite different to English pounds, and that in the UK we actually have a system of parallel currencies in place.

If English vendors accept Scottish pounds it is because they choose to according to their own free will. No law states they have to accept them. They are inclined to do so, however, because literally 100s of years worth of monetary history suggests it’s very unlikely that the value of a Scottish pound will disconnect from an English pound.

In Scotland there are four private banks that have the authority to issue banknotes.

(Btw this is why I always tell the Bitcoin brainwashed that they are ironically calling for something we already have. A system of independent issuer currencies already exists it’s just that most of the time private issuers see value in pegging their units to the official legal tender (that printed and issuer by the main central bank authority) for stability reasons.)

I have heard it erroneously stated many times that the BoE determines the money supply in Scotland. It does not. It determines the money supply of English/welsh money only.

It just so happens that through historical precedent the four issuer banks in Scotland (mainly because the English would always demand tax in English sterling) back every Scottish note they issue with an English note or coin in the reserve at the Bank of England.

and more ... http://dizzynomics.wordpress.com/2014/03/16/the-scottish-pound-myth/

[sandyf]

Isn't RBS a commercial bank? And yet they print their own money?

"It just so happens that through historical precedent the four issuer banks in Scotland (mainly because the English would always demand tax in English sterling) back every Scottish note they issue with an English note or coin in the reserve at the Bank of England."

The Scottish pound myth

Posted on March 16, 2014

I keep running into this conversation so I figured I’d sum it up here.

In the UK there is a very popular myth that Scottish pound notes are legal tender in England.

They are not.

If you don’t believe me just check out the BoE website where the fact is set out clearly.

There is also a popular myth that the UK has some say in what currency the Scottish get to keep.

They don’t.

The truth is that Scottish pounds are already technically quite different to English pounds, and that in the UK we actually have a system of parallel currencies in place.

If English vendors accept Scottish pounds it is because they choose to according to their own free will. No law states they have to accept them. They are inclined to do so, however, because literally 100s of years worth of monetary history suggests it’s very unlikely that the value of a Scottish pound will disconnect from an English pound.

In Scotland there are four private banks that have the authority to issue banknotes.

(Btw this is why I always tell the Bitcoin brainwashed that they are ironically calling for something we already have. A system of independent issuer currencies already exists it’s just that most of the time private issuers see value in pegging their units to the official legal tender (that printed and issuer by the main central bank authority) for stability reasons.)

I have heard it erroneously stated many times that the BoE determines the money supply in Scotland. It does not. It determines the money supply of English/welsh money only.

It just so happens that through historical precedent the four issuer banks in Scotland (mainly because the English would always demand tax in English sterling) back every Scottish note they issue with an English note or coin in the reserve at the Bank of England.

and more ... http://dizzynomics.wordpress.com/2014/03/16/the-scottish-pound-myth/

I believe there are only 3 sets of banknotes in current use,Bank of Scotland, Royal Bank of Scotland and Clydesdale.

I can remember the British Linen and the Aberdeen Savings Bank but they disappeared a long time ago. I think there were some others that also fell by the wayside.

[sandyf]

The legal position with regard to Scottish Banknotes is as follows:

Scottish Banknotes are legal currency – i.e. they are approved by the UK Parliament. However, Scottish Bank notes are not Legal Tender, not even in Scotland. In fact, no banknote whatsoever (including Bank of England notes!) qualifies for the term 'legal tender' north of the border and the Scottish economy seems to manage without that legal protection.

HM Treasury is responsible for defining which notes have ‘legal tender’ status within the United Kingdom and the following extract from Bank of England’s website may help to clarify what is meant by “legal tender” and how little practical meaning the phrase has in everyday transactions.

“The term legal tender does not in itself govern the acceptability of banknotes in transactions. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved. Legal tender has a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he owes under the terms of a contract, he has good defence in law if he is subsequently sued for non-payment of the debt. In ordinary everyday transactions, the term ‘legal tender’ has very little practical application.”
(Ref. www.bankofengland.co.uk/banknotes/about/faqs.htm.)

It is also interesting to note that, if the strict rules governing legal tender were to be observed in a transaction, then the exact amount due would need to be tendered since no change can be demanded.

The majority of banknotes circulating in Scotland are issued by Scottish banks. Scottish notes circulate and are accepted quite freely in Scotland and, for the most part, they are also readily accepted in England & Wales, although branches of Scottish banks there may not issue them. However, you should not rely absolutely on Scottish notes being accepted outside Scotland and this is particularly true when travelling abroad. Our general advice would be not to carry large amounts of banknotes of any description and to make use of facilities such as travellers’ cheques, credit/debit cards and ATM cards for access to funds whilst abroad.

For guidelines regarding the "legal tender" status of coins please go here.