Banknotes of Scotland

Scottish banknotes of the pound sterling

The Bank of Scotland was the first bank in Europe to successfully print its own banknotes

Banknotes of Scotland are the banknotes of the pound sterling that are issued by three Scottish retail banks (Bank of Scotland, the Royal Bank of Scotland and Clydesdale Bank) and in circulation in Scotland. The Bank of Scotland, the oldest bank operating in the country, was the first bank in Europe to successfully print its own banknotes in 1695.[1] The issuing of banknotes by retail banks in Scotland is subject to the Banking Act 2009, which repealed all earlier legislation under which banknote issuance was regulated, and the Scottish and Northern Ireland Banknote Regulations 2009.[2] Currently, three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank.

Scottish banknotes are unusual, first because they are issued by retail banks, not government central banks, and second, because they are not legal tender anywhere in the United Kingdom. Scottish bank notes are not legal tender even in Scotland, where, in law, no banknotes, even those issued by the Bank of England, are defined as legal tender.[3][4] Formally, they are classified as promissory notes, and the law requires that the issuing banks hold a sum of Bank of England banknotes or gold equivalent to the total value of notes issued.[5]

The fact that the notes are not defined as legal tender means that they are not withdrawn from circulation in the same way as the Bank of England notes, which cease to be legal tender on a given date. Instead, the Scottish banks withdraw old notes from circulation as they are banked. Any notes still in circulation continue to be honoured by banks,[6] but retailers may refuse to accept older notes.[7]

## Banknotes

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For ease of identification, all three issuing banks in Scotland use the same principal colour for each denomination: Blue for £5, brown for £10, purple for £20, red for £50, and turquoise for £100.[8] This colour scheme is similar to current Bank of England notes (except that the Bank of England does not issue a £100 note). The size of the notes is also consistent across the three Scottish banks and the Bank of England.

### Bank of Scotland notes

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Main article: Bank of Scotland

All Bank of Scotland notes bear a portrait of Sir Walter Scott on the front in commemoration of his 1826 Malachi Malagrowther campaign for Scottish banks to retain the right to issue their own notes.[9] The Bank of Scotland's 2007 series of banknotes is known as the Bridges of Scotland series. These notes were introduced on 17 September 2007, and show Scotland's most famous bridges on the reverse side. From 2016, the Bridges of Scotland series is being renewed with the issue of new polymer notes with designs that follow the same basic theme of bridges. The Tercentenary and 2007 series of notes are being withdrawn from circulation and replaced with the polymer series as these are issued, but older notes continue to be accepted at banks. In line with this, the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018, and twenty and fifty pound notes before 30 September 2022[7]

Bank of Scotland banknotes[10] Denomination | Obverse | Reverse | Additional Information

|
|
|

Polymer Series (2016 onwards)
£5 | Sir Walter Scott | Brig o' Doon | In circulation
£10 | Glenfinnan Viaduct | In circulation
£20 | Forth Bridge | In circulation
£50 | Falkirk Wheel & The Kelpies | In circulation
£100 | Flora Murray | In circulation
Former Bank of Scotland paper banknotes, all withdrawn[11] Bridges of Scotland Series (2007)

Denomination | Obverse | Reverse | Additional Information
£5 | Sir Walter Scott | Brig o' Doon | withdrawn 1 March 2018
£10 | Glenfinnan Viaduct | withdrawn 1 March 2018
£20 | Forth Bridge | withdrawn 30 September 2022
£50 | Falkirk Wheel | withdrawn 30 September 2022
£100 | Kessock Bridge | withdrawn 29 September 2023
Tercentenary Series (1995)
£5 | Sir Walter Scott | Vignette of oil and energy |
£10 | Vignette of distilling and brewing |
£20 | Vignette of education and research |
£50 | Vignette of arts and culture |
£100 | Vignette of leisure and tourism |

### Royal Bank of Scotland notes

[edit]

Main article: Royal Bank of Scotland

From May 2020, the Royal Bank of Scotland adopted a new series of banknotes, made of polymer. The £5 note shows poet Nan Shepherd on the obverse accompanied by a quote from her book The Living Mountain, and the Cairngorms in the background. The reverse displays two mackerel and an excerpt from the Scottish Gaelic poem ‘The Choice’ by Sorley MacLean.[12] The obverse of the £10 note shows scientist Mary Somerville, with a quote from her work The Connection of the Physical Sciences, and Burntisland beach in the background. The reverse displays two otters and an excerpt from the poem ‘Moorings’ by Norman MacCaig.[13] The obverse of the £20 note shows entrepreneur Catherine Cranston. The reverse shows two red squirrels and a quote from the Scots-language poem 'Venus and Cupid' by Mark Alexander Boyd.[14] The obverse of the £50 note, in red to mirror the Bank of England £50 notes, depicts educationalist Flora Stevenson on its obverse and an osprey on the reverse.[15]

The previous series of Royal Bank of Scotland notes, originally issued in 1987, is in the process of being replaced by a polymer series: the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018,[7] and twenty and fifty pounds before 30 September 2022. On the front of each note is a picture of Lord Ilay (1682–1761), the first governor of the bank, based on a portrait painted in 1744 by the Edinburgh artist Allan Ramsay.[16] The front 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 notes is a radial star design which is based on the ornate ceiling of the banking hall in the old headquarters building.[17] On the back of the notes are images of Scottish castles, with a different castle for each denomination.

Occasionally the Royal Bank of Scotland issues commemorative banknotes. Examples are the £1 note issued to mark the 150th anniversary of the birth of Alexander Graham Bell in 1997, the £20 note for the 100th birthday of Queen Elizabeth The Queen Mother in 2000, the £5 note honouring veteran golfer Jack Nicklaus in his last competitive Open Championship at St Andrews in 2005, and the £10 note commemorating HM Queen Elizabeth II's Diamond Jubilee in 2012. These notes are much sought after by collectors.

Royal Bank of Scotland banknotes[18] Denomination | Obverse | Reverse | Additional Information

|
|
|

Polymer Series (2016 onwards)
£5 | Nan Shepherd | Mackerel | In circulation
£10 | Mary Somerville | Otters | In circulation
£20 | Catherine Cranston | Red squirrels | In circulation
£50 | Flora Stevenson | Osprey | In circulation
Ilay Series (1987)
£1 | Lord Ilay | Edinburgh Castle | In circulation
Former Royal Bank of Scotland banknotes, all withdrawn[19] Denomination | Obverse | Reverse | Additional Information

|
|
|

Ilay Series (1987)
£5 | Lord Ilay | Culzean Castle |
£10 | Glamis Castle |
£20 | Brodick Castle |
£50 | Inverness Castle |
£100 | Balmoral Castle |

### Clydesdale Bank notes

[edit]

Main article: Clydesdale Bank

Clydesdale Bank's polymer series came into circulation in March 2015, when the Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes. The £5 commemorative notes, issued to mark the 125th anniversary of the construction of the Forth Bridge, contain several new security features including a reflective graphic printed over a transparent window in the banknote.[20][21] The public were encouraged to spend or exchange non-polymer five and ten pound notes before 1 March 2018 and twenty and fifty pound notes before 30 September 2022.[7]

The polymer notes continue the theme of the World Heritage Series of paper banknotes, introduced in autumn 2009. The new notes each depict a different notable Scot on the front and on the reverse bear an illustration of one of Scotland's UNESCO World Heritage Sites.[22]

Banknotes of the earlier Famous Scots Series portray notable Scottish historical people along with items and locations associated with them.[23]

The Clydesdale Bank also occasionally issues special-edition banknotes, such as a £10 note celebrating the bank's sponsorship of the Scotland team at the 2006 Commonwealth Games.

Following the announcement of the CYBG's takeover of Virgin Money in 2018 and planned phasing-out of the Clydesdale Bank brand by 2021 in favour of Virgin Money, there was uncertainty as to the future of the Clydesdale Bank's banknotes after 2021. In June 2019, the company confirmed that it would continue to issue notes under the Clydesdale Bank name and clarified there would be no change to the design, despite reports that Sir Richard Branson's face would be added to them.[24] However, they became rarer from 2020 after the bank withdrew from contracts to supply cash machines run by rival lenders, meaning they could no longer be withdrawn from Santander, TSB, Co-op or Asda machines.[25]

Clydesdale Bank banknotes[26] Denomination | Obverse | Reverse | Additional Information

|
|
|

Polymer Series (2015 onwards)
£5 | Sir William Arrol | Vignette of the Forth Bridge | In circulation
£10 | Robert Burns | Vignette of Edinburgh Old and New Towns | In circulation
£20 | King Robert the Bruce | Vignette of St Kilda | In circulation
Former Clydesdale Bank banknotes, all withdrawn[27] Denomination | Obverse | Reverse | Additional Information

|
|
|

World Heritage Series (2009)
£5 | Sir Alexander Fleming | Vignette of St Kilda |
£10 | Robert Burns | Vignette of Edinburgh Old and New Towns |
£20 | King Robert the Bruce | Vignette of New Lanark |
£50 | Elsie Inglis | Vignette of the Antonine Wall |
£100 | Charles Rennie Mackintosh | Vignette of Neolithic Orkney |
Famous Scots Series
£5 | Robert Burns | Vignette of a field mouse from Burns' poem To a Mouse |
£10 | Mary Slessor | Vignette of a map of Calabar, Nigeria, and African missionary scenes |
£20 | King Robert the Bruce | Vignette of the Bruce on horseback with the Monymusk Reliquary against a background of Stirling Castle |
£50 | Adam Smith | Vignette of industrial tools against a background of sailing ships |
£100 | Lord Kelvin | Vignette of the University of Glasgow |

## See also

[edit]

* Money portal
* Numismatics portal
* Scotland portal
* United Kingdom portal

* Banknotes of the pound sterling
* Banknotes of Northern Ireland
* People on Scottish banknotes
* Scottish coinage
* Pound Scots, the currency of Scotland prior to the Acts of Union 1707. It did not use banknotes.

## References

[edit]

1. ^ "BOS - Internet Banking - Unavailable". www.bankofscotland.co.uk. Retrieved 7 June 2024.
2. ^ "The Bank of England's approach to regulating Scottish and Northern Ireland commercial banknotes" (PDF). March 2017. Retrieved 31 March 2020.
3. ^ "Legal Tender Guidelines". Royal Mint. Archived from the original on 17 December 2008. Retrieved 8 November 2008.
4. ^ "What is legal tender?". Archived from the original on 30 January 2019. Retrieved 9 July 2021.
5. ^ "No. 58254". The London Gazette. 21 February 2007. p. 2544.
6. ^ "What to do with Scottish Paper £5 notes". Committee of Scottish Bankers. Archived from the original on 22 August 2017. Retrieved 22 August 2017.
7. ^ a b c d "Four-week deadline to use Scottish paper money". BBC News. 5 February 2018. Retrieved 5 February 2018.
8. ^ "Banknotes". Committee of Scottish Bankers. Retrieved 28 July 2019.
9. ^ "Malachi Malagrowther and the Scottish banknote". BBC. 22 April 2017. Retrieved 25 August 2017.
10. ^ "Bank of Scotland - CSCB". Retrieved 18 December 2022.
11. ^ "Only 1 week left to use your paper £20 and £50 banknotes". 12 January 2024.
12. ^ "New RBS bank notes to feature Nan Shepherd and Mary Somerville". The Scotsman. 25 April 2016. Retrieved 25 April 2016.
13. ^ "RBS to issue polymer £10 banknote in October". BBC News. 11 August 2017. Retrieved 11 August 2017.
14. ^ Caroline Wilson (23 October 2018). "Glasgow pioneer Kate Cranston honoured on new £20 note". Evening Times. Retrieved 23 October 2018.
15. ^ Meehan, Abbie (26 June 2021). "Edinburgh primary school pupils launch Royal Bank of Scotland's new £50 note". Edinburgh Live.
16. ^ "Archibald Campbell [Mac Cailein Mòr], 3rd Duke of Argyll, 1682 – 1761. Statesman". National Galleries of Scotland – Scottish National Portrait Gallery. 2008. Archived from the original on 19 January 2016. Retrieved 27 April 2013.
17. ^ "Our Banknotes – The Ilay Series". The Royal Bank of Scotland Group. 2008. Archived from the original on 26 January 2013. Retrieved 27 April 2013.
18. ^ "Royal Bank of Scotland - CSCB". Retrieved 18 December 2022.
19. ^ "Only 1 week left to use your paper £20 and £50 banknotes". 12 January 2024.
20. ^ "Clydesdale Bank brings in plastic £5 notes". BBC News. 23 March 2015. Retrieved 23 March 2015.
21. ^ "Plastic £5 notes released by Clydesdale Bank in first for Scotland". STV. 23 March 2015. Retrieved 23 March 2015.
22. ^ "Clydesdale launches Homecoming bank notes – Herald Scotland". Theherald.co.uk. 14 January 2009. Archived from the original on 14 February 2009. Retrieved 9 April 2010.
23. ^ "Current Banknotes : Clydesdale Bank". Committee of Scottish Bankers. Retrieved 27 April 2013.
24. ^ "Clydesdale Bank notes to survive Virgin Money deal". BBC News. 19 June 2019. Retrieved 15 July 2019.
25. ^ "Noteworthy: Clydesdale Bank's demise". BBC News. 26 November 2020. Retrieved 26 November 2020.
26. ^ "Royal Bank of Scotland - CSCB". Retrieved 18 December 2022.
27. ^ "Only 1 week left to use your paper £20 and £50 banknotes". 12 January 2024.

## External links

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* The Committee of Scottish Bankers at scotbanks.org.uk
* Banknotes from Scotland at Numista

* v
* t
* e

Sterling banknotes

England and Wales|

| Bank of England|

| Current|

* £5
* £10
* £20
* £50

|

Discontinued|

* 10/–
* £1
* £100
* £200
* £500
* £1,000

Non-circulating|

* £1,000,000
* £10,000,000
* £100,000,000

Scotland|

| Bank of Scotland|

* £5
* £10
* £20
* £50
* £100

|

Royal Bank of Scotland|

* £1
* £5
* £10
* £20
* £50
* £100

Clydesdale Bank|

| Current issue|

* £5
* £10
* £20
* £100

|

Discontinued|

* £50

Northern Ireland (currently issued)|

| Bank of Ireland|

* £5
* £10
* £20
* £50
* £100

|

Danske Bank/Northern Bank|

| Current issue|

* £10
* £20

|

Discontinued|

* £5
* £50
* £100

Ulster Bank|

* £5
* £10
* £20
* £50
* £100

Northern Ireland (no longer issued)|

| AIB|

* £1
* £5
* £10
* £20
* £50
* £100

|

Crown Dependencies|

* Guernsey pound
* Jersey pound
* Manx pound

British Overseas Territories
(at parity with sterling)|

* Falkland Islands pound
* Gibraltar pound
* Saint Helena pound

See also|

* Sterling (currency)
* Sterling coins
* Economy of the United Kingdom
* Sterling area

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