Scottish pound is not a pound of raisins

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:48

Guess the country in which three local banks issued banknotes of the national currency. And that the currency was in circulation only in this country, and nowhere else. And it would be, in general, not very illegal. That's right, this is Scotland.

It's not easy here

Things are not easy with Scotland, and with money in the form of local Scottish pounds as well. Let's figure it out. Scotland is part of the UK - this time. Its official currency, British pounds sterling, is two.

Metal coins are fine - they are exactly the same. They are minted in one place - the Bank of England. But with banknotes, it's just a disaster. Not only that, in addition to the generally accepted British ones, local Scottish ones go here, but also their design is the most diverse: from color to plots in the pictures.

Judge for yourself, there are 294 types of Scottish pounds banknotes in three banks with different color options and denominations.

The most interesting thing is that all banks in Scotland have the right to print Scottish pounds banknotes. Only three financial institutions simply agree to do this: the Bank of Scotland, which has been doing this since1695 Royal Bank of Scotland and Bank of Clydesdale.

Scottish history in money

Whom the proud Scots haven't printed on their money! They have long understood that this is a great way to promote monuments of architecture and history, and there is no need to talk about national heroes of all kinds. And no British royal faces except in the rarest cases: for example, the portrait of Elizabeth II is placed on several banknotes with different denominations.

It's all about politics. Scotland has never been and is not going to be an ordinary administrative region of many in the Kingdom of Great Britain. And Scottish pounds as their own currency were introduced a long time ago - back in the 17th century, despite the fact that the named region does not have the status of a state.

Earlier, the Scots even minted their own coins. It was under King David back in the 12th century. At first, the test was real sterling: the weight and dimensions of the coins fully corresponded to English coins, and the denomination was 20 shillings and 240 pence.

Then the sample began to decline, and with it the price of the Scottish pound began to change. By the time the country was unified in 1707, it began to cost 12 times cheaper than English. But in connection with the formation of a single state, the Scottish currency was withdrawn from circulation for a long time.

Banknotes and heroes

If the maximum denomination of the British pound is £50, then the largest Scottish note is £100.

It is also notable for the fact that a portrait of W alter Scott is printed on it,which is well known to fans of adventure literature. But he is placed there not for exciting adventures, but for the fact that he fought long and hard against the British government. And the main theme of his struggle was just the financial claims of the British to the Scots.

For your information, one of the most popular banknotes is 10 Scottish pounds at face value. It measures 142 x 75 mm in purple and orange with images of Elizabeth II and Charles Darwin.

The color of banknotes can only be in three versions: brown, olive, green. The colors aren't the most fun, I must say, but the overall design is mostly classy and elegant.

The Scottish pound is a floating exchange rate, it must always be specified, despite the fact that it is not officially a convertible currency and cannot be used outside the UK.

On rights and laws

According to the law, everything would be wonderful: Scottish pounds should be accepted everywhere throughout England, as well as English pounds - freely used in Scotland. In fact, everything is not quite so. There are no problems with British pounds. But the Scottish pound sterling may or may not be accepted in the parent UK. You can, of course, begin to insist and refer to the law. And you can take care of the exchange in advance, because they are not changed anywhere else, except in the UK.

Tips from experienced

The best option would be simply not to take Scottish pounds in exchange offices, but to ask for English ones. Usually such a request is fulfilled -English money is enough in any Scottish bank or exchange office.

At par value, the Scottish pound is equal to the British. And its exchange rate against the Russian ruble is similar to the British pound sterling.

As for the question of where to change Scottish pounds, the answer to it will be unequivocal: it is best in Scotland. It is less desirable, but perfectly acceptable, to do so within the UK, but by no means outside the UK.

Scottish pound in light of national independence

Having its own full-fledged currency, which will have to be introduced in a new format, is one of the most controversial and difficult steps for a newly independent Scotland, if this happens.

The best world-class financial experts seriously de alt with this issue. Most of them are inclined to believe that in the event of new conditions for independence, Scotland will be forced to revise social spending towards their reduction, including one of the most unpopular steps in the form of raising the retirement age. And the numerous promises generously made by pro-independence politicians will also have to be revised.

It should be noted that during the referendum, as well as other events related to the withdrawal of Scotland from the United Kingdom, the rate of the Scottish pound falls catastrophically. Financial markets prefer certainty anywhere, including politically.layout in UK territories.

It seems that the issue of independence has been put on hold for a while. So, one can hope that this will bring he alth and longevity to the Scottish pound.