Banknotes of Scotland facts for kids
The banknotes of Scotland are special paper money used in Scotland. Unlike most countries where only the government's central bank prints money, in Scotland, three regular banks are allowed to print their own banknotes. These banks are the Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank.
These Scottish banknotes are a bit unusual. First, they are printed by regular banks, not by the main government bank (like the Bank of England). Second, they are not officially "legal tender" anywhere in the United Kingdom. This means that, by law, no banknotes are truly "legal tender" in Scotland, not even those from the Bank of England!
Instead, Scottish banknotes are seen as "promissory notes." This means the banks that print them promise to pay the value of the note to anyone who holds it. To make sure they can always do this, the law says these banks must keep an equal amount of Bank of England banknotes or gold in reserve.
Because Scottish notes are not "legal tender," they are not taken out of circulation on a specific date like some other currencies. Instead, the Scottish banks slowly remove older notes as people deposit them. Even if a note is old, the banks will still accept it. However, shops might sometimes choose not to accept very old notes.
Scottish Banknotes: What They Look Like
To make it easier to tell them apart, all three banks in Scotland use the same main colour for each banknote value.
- £5 notes are blue.
- £10 notes are brown.
- £20 notes are purple.
- £50 notes are red.
- £100 notes are turquoise.
This colour system is quite similar to the notes printed by the Bank of England, though the Bank of England does not print a £100 note. The size of the notes is also the same across all three Scottish banks and the Bank of England.
