If you try to spend Scottish money in England without success, there is no reason to despair. To make your life easier and get rid of stress, you can exchange them for English banknotes at any major bank. Nevertheless, you shouldn`t have any trouble shopping at major retailers. Scottish banknotes are generally accepted the closer you are to the border (e.g. in Newcastle). You may have heard someone in a store say, „But it`s legal tender!” Most people think that this means that the store has to accept the payment form. But this is not the case. As you can see, there are two sides to the issue. For one, Scottish money is technically and legally allowed to pay for goods and services throughout the UK. On the other hand, practical reality shows us that consumers still find it difficult to use their Scottish notes and coins, and that they can do nothing about it. The move comes just over a year after the new 50-pound polymer notes – featuring portraits of Sir Walter Scott and Flora Stevenson – began circulating. For ease of identification, the three issuing banks in Scotland use the same main colour for each denomination: blue for £5, brown for £10, purple for £20, green for £50 and red for £100. [7] This colour scheme is similar to the Bank of England`s current banknotes (except that the Bank of England`s £50 note is red instead of green and they do not issue a £100 note).

With the introduction of polymer banknotes, the colour of the 50-pound and £100 notes was changed to red and turquoise, respectively. The size of the banknotes is also uniform between the three Scottish banks and the Bank of England. Scottish banknotes are the pound sterling notes issued by three Scottish retail banks and circulating in Scotland. The issue of banknotes by retail banks in Scotland is governed by the Banking Act 2009, which repealed all previous laws governing the issue of banknotes, and the Scottish and Northern Ireland Banknotes Regulations 2009. [1] Currently, three retail banks are authorised to print banknotes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank. What is classified as legal tender varies across the UK. In England and Wales, these are coins of the Royal Mint and banknotes of the Bank of England. In Scotland and Northern Ireland, these are only Royal Mint coins and not banknotes.

Since 2015, polymer banknotes have replaced newly printed banknotes due to new security features and environmental benefits due to their longevity. READ MORE: World War I suffragette and medical pioneer on new Bank of Scotland – £100 note Scottish banknotes are legal tender – meaning they are approved by the British Parliament. However, Scottish banknotes are not legal tender, not even in Scotland. Indeed, no banknote (including Bank of England notes!) can claim the term „legal tender” north of the border, and the Scottish economy seems to be able to do without this legal protection. Her Majesty`s Treasury is responsible for determining which banknotes are „legal tender” in the United Kingdom. There are also some limitations to the use of small parts. For example, coins 1p and 2p only count as legal tender for an amount of up to 20p. Unfortunately, „I think you`ll find it`s legal tender” doesn`t sound quite the same.

According to the Bank of England`s website, more than £6 billion of paper is still in circulation with economist Adam Smith and more than £8 billion of banknotes with engineers Boulton and Watt. That`s over 300 million individual £20 notes and 160 million £50 notes. They said: „All Scottish banks will start withdrawing paper notes from circulation when polymer notes are issued. But Scottish paper notes continue to be accepted, according to the Committee of Scottish Bankers, as reported in the Daily Record earlier this year. The question of the unsuccessful use of Scottish money in England is a delicate one. According to a survey, a third of Britons are sure they will not be able to use their Scottish tickets in England. But are they right? The £20 and £50 notes are the last to be withdrawn from circulation, with the £5 and £10 notes being withdrawn from circulation on 2 March 2018. You can find information on exchanging withdrawn banknotes, Scottish and Northern Ireland banknotes and other topics in our banknotes section.

First, Scottish banknotes are legal tender. However, legal tender is the only method of payment that a creditor must accept when offered in exchange for a debt. Although Scottish currency can be accepted; It is legal for creditors to reject Scottish banknotes if they are offered in exchange for debt. Banknotes from the former Famous Scots series depict notable Scottish historical figures and associated objects and places. [26] The Committee of Scottish Bankers (CSCB) announced the deadline on behalf of the Scottish central banks Royal Bank of Scotland, Clydesdale Bank and Bank of Scotland. Scottish paper banknotes are being actively phased out across the country as polymer banknotes become more widely used. Before that, we design a new banknote and start issuing it. Our banknotes always retain their face value.

If your local bank, mortgage company or post office does not accept them, you can exchange them with us. It is a common misconception that Scottish banknotes are legal tender. The truth comes as a shock to many, but especially to English tourists, who hope to spend their Scottish banknotes on their return home, only to discover that the currency has been legally rejected. In fact, Scottish banknotes are so rarely seen outside Scotland that a third of English residents think Scottish banknotes are counterfeit! But why are they rejected? And why do they still exist? Unfortunately, you would be wrong – Scottish banknotes have never been legal tender in the UK. Scottish and Northern Irish banknotes are considered legal tenders, as are modern technologies such as debit cards, contactless sponsorship and mobile transactions. The Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland will withdraw their £20 and £50 notes on 30 September. As long as you pay with Scottish banknotes anywhere in the UK, cashiers can accept them as legal tender and make a goods transaction between you and the seller. So far, the Scottish economy has managed without legal tender, as Scottish banknotes are not even legal tender in Scotland. While Bank of England banknotes have been in circulation in Scotland since their introduction, Scottish banknotes still exist as legal tender. Although banknotes can be refused by law, as many Englishmen have learned the hard way, many shops, restaurants and bars still accept these notes in Scotland (and England, if the merchant is happy to accept!) and tourists often take them home as a reminder of their visit. Although merchants and creditors have the right to refuse change, Scotland continues to use, print and distribute its own banknotes, which will continue to be used for payments. Today, Scottish banknotes continue to be produced by only 3 national banks in denominations of £5, £10, £20, £50 and £100.

The Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank all have their own unique and beautiful designs for each denomination, similar to the different banks in Hong Kong. The Bank of England`s website can also help clarify what is meant by „legal tender” and how little practical meaning the term has in everyday transactions. www.bankofengland.co.uk/knowledgebank/what-is-legal-tender The previous series of Royal Bank of Scotland banknotes, originally issued in 1987, is currently being replaced by polymer notes: the Scottish Bankers Committee encouraged the public to issue or exchange non-polymeric five- and ten-pound notes before 1 March 2018, which have now been withdrawn from circulation. [6] On the obverse of each banknote is an image of Lord Ilay (1682-1761), the bank`s first governor, based on a portrait painted in 1744 by Edinburgh artist Allan Ramsay. [21] The obverse of the notes also features an engraving of the bank`s former headquarters in St. Andrew Square, Edinburgh. The background graphic on both sides of the banknotes is a radial star pattern based on the richly decorated ceiling of the bank lobby in the former main building. [22] On the back of the notes are images of Scottish castles, with a different castle for each denomination.