See also
- 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.
Banknotes of Scotland are the banknotes of the pound sterling that are issued by three Scottish retail banks and in circulation in Scotland. The issuing of banknotes by retail banks in Scotland is subject to the Banking Act 2009, which repealed all earlier legislation under which banknote issuance was regulated, and the Scottish and Northern Ireland Banknote Regulations 2009. [1] 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. [2] [3] 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. [4]
The fact that the notes are not defined as legal tender means that they are not withdrawn from circulation in the same way as the Bank of England notes, which cease to be legal tender on a given date.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, [5] but retailers may refuse to accept older notes. [6]
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. [7] 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.
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. [8] 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 [6]
| 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 | |
| Bridges of Scotland Series (2007) | |||
| £100 | Sir Walter Scott | Kessock Bridge | |
| Bridges of Scotland Series (2007) | |||
|---|---|---|---|
| Denomination | Obverse | Reverse | Additional Information |
| £5 | Sir Walter Scott | Brig o' Doon | |
| £10 | Glenfinnan Viaduct | ||
| £20 | Forth Bridge | ||
| £50 | Falkirk Wheel | ||
| 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 | ||
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. [11] 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. [12] 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. [13] 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. [14]
The design process of the notes was touted as a "collaboration with the people of Scotland", with a total of 1,178 Scots being included. Nile HQ, [15] a Strategic Design Company led the redesign process and De La Rue printed the notes. Each note contributes to an overall theme ‘Fabric of Nature’. Given the national significance of the notes, Nile HQ invited some Scottish designers, photographers and calligraphers to develop the creative concept for the new notes (O Street, [16] Graven Images, [17] Timorous Beasties, [18] Stuco [19] and Susie Leiper [20] ).
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, [6] 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. [21] 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. [22] 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.
| 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 | |
| £100 | Balmoral Castle | ||
| Denomination | Obverse | Reverse | Additional Information |
|---|---|---|---|
| Ilay Series (1987) | |||
| £5 | Lord Ilay | Culzean Castle | |
| £10 | Glamis Castle | ||
| £20 | Brodick Castle | ||
| £50 | Inverness Castle | ||
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. [25] [26] 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. [6]
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. [27]
Banknotes of the earlier Famous Scots Series portray notable Scottish historical people along with items and locations associated with them. [28]
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. [29] 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. [30]
| 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 |
| World Heritage Series (2009) | |||
| £100 | Charles Rennie Mackintosh | Vignette of Neolithic Orkney | |
| 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 | |
| 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 | |
The pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha.
Clydesdale Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.
Banknotes have been issued for use specifically in Northern Ireland since 1929, and are denominated in pounds sterling. They are legal currencies, but technically not legal tender anywhere. This is not uncommon as most bank notes are not recognised as tender. However, the banknotes are still widely accepted as currency by larger merchants and institutions elsewhere in the United Kingdom. Issuing banks have been granted legal rights to issue currency, and back the notes with deposits at the Bank of England.
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act of 1844 when the ability of other banks to issue notes was restricted.
The Bank of England £5 note, also known as a fiver, is a sterling banknote. It is the smallest denomination of banknote currently issued by the Bank of England. In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse. The old paper note, first issued in 2002 and bearing the image of prison reformer Elizabeth Fry on the reverse, was phased out and ceased to be legal tender after 5 May 2017.
The Bank of Scotland £5 note, also known informally as a fiver, is a sterling banknote. It is the smallest denomination of banknote issued by the Bank of Scotland. The current polymer note, first issued in October 2016, bears the image of Sir Walter Scott on the obverse and a vignette of the Brig o' Doon on the reverse. The polymer replaces a cotton note also featuring a portrait of Sir Walter Scott.
The Bank of Scotland £10 note, also known informally as a tenner, is a sterling banknote. It is the second smallest denomination of banknote issued by the Bank of Scotland. The current polymer note, first issued in 2017, bears the image of Sir Walter Scott on the obverse and a vignette of the Glenfinnan Viaduct on the reverse.
The Bank of Scotland £20 note is a sterling banknote. It is the third largest of five banknote denominations issued by the Bank of Scotland. The current polymer note, first issued in 2020, bears the image of Walter Scott on the obverse and a vignette of the Forth Bridge on the reverse.
The Bank of Scotland £50 note is a sterling banknote. It is the second largest of five banknote denominations issued by the Bank of Scotland. The current polymer note, first issued in 2021 bears the image of Walter Scott on the obverse and a vignette of the Falkirk Wheel and The Kelpies on the reverse.
The Bank of Scotland £100 note is a sterling banknote. It is the largest of five banknote denominations issued by the Bank of Scotland. The current polymer note, first issued in 2022 bears the image of Walter Scott on the obverse and Flora Murray on the reverse.
The Royal Bank of Scotland £5 note, also known as a fiver, is a sterling banknote. It is the second smallest denomination of banknote issued by The Royal Bank of Scotland. The current polymer note, first issued in 2016, bears an image of author Nan Shepherd on the obverse and a pair of mackerel on the reverse.
The Royal Bank of Scotland £10 note, also known as a tenner, is a sterling banknote. It is the third smallest denomination of banknote issued by The Royal Bank of Scotland. The current polymer note, first issued in 2017, bears a portrait of scientist Mary Somerville on the front and a pair of otters on the reverse.
The Royal Bank of Scotland £20 note is a sterling banknote. It is the third largest denomination of banknote issued by The Royal Bank of Scotland. The current polymer note, first issued in 2020, bears the image of Catherine Cranston on the obverse and a vignette depicting a pair of Red Squirrels on the reverse.
The Royal Bank of Scotland £50 note is a sterling banknote. It is the second largest denomination of banknote issued by the Royal Bank of Scotland. The current polymer note, first issued in 2021 bears an image of Flora Stevenson on the obverse and two ospreys, a mackerel and lady's bedstraw on the reverse.
The Royal Bank of Scotland £1 note is a sterling banknote. The current cotton note, first issued in 1987, bears an image of Lord Ilay, one of the founders of the bank, on the obverse, and a vignette of Edinburgh Castle on the reverse.
The Clydesdale Bank £5 note, also known informally as a fiver, is a sterling banknote. It is the smallest denomination of banknote issued by the Clydesdale Bank. The current polymer note, first issued in 2015, bears an image of engineer William Arrol on the obverse and an image of the Forth Bridge on the reverse. It is the first fully polymer banknote to go into circulation in the United Kingdom.
The Clydesdale Bank £10 note, also known informally as a tenner, is a sterling banknote. It is the second smallest denomination of banknote issued by the Clydesdale Bank. The current polymer note, first issued in 2017, bears an image of Scottish poet Robert Burns on the obverse and a vignette of the Old and New Towns of Edinburgh on the reverse.
The Clydesdale Bank £20 note is a sterling banknote. It is the third largest denomination of banknote issued by the Clydesdale Bank. The current polymer note, first issued in 2020, bears a portrait of the Scottish king Robert the Bruce on the obverse and an image of the islands of St Kilda on the reverse.
The Clydesdale Bank £50 note was a sterling banknote. Until its withdrawal it was the second largest denomination of banknote issued by the Clydesdale Bank. The last cotton note, first issued in 2009 bears a portrait of Elsie Inglis, founder of the Scottish Women's Hospitals, on the obverse and an image of the Antonine Wall on the reverse.
The Clydesdale Bank £100 note is a sterling banknote. It is the largest denomination of banknote issued by the Clydesdale Bank. The current cotton note, first issued in 2009 bears a portrait of the designer and artist Charles Rennie Mackintosh on the obverse and images of the Heart of Neolithic Orkney on the reverse.