Hundreds of people living in England believe Scottish banknotes are counterfeit, according to a new report. The Scottish Bankers Committee advises those holding Scottish money not necessarily to rely on these notes outside Scotland, particularly when travelling abroad. Don`t carry large banknotes and instead use credit/debit cards and traveler`s checks. Do you have money in your pocket? A quick glance could reveal rich links between images on Scottish banknotes with Dunfermline and the surrounding Fife countryside: convert your current remaining Clydesdale banknotes into cash with our hassle-free online exchange service. Get paid quickly for your unused currency from Scotland. 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. The fact that banknotes are not defined as legal tender means that they are not withdrawn from circulation in the same way as Bank of England banknotes, which cease to be legal tender at some point. Instead, Scottish banks withdraw old notes from circulation when they are in the bank.
All notes still in circulation will continue to be cashed by banks, but retailers may refuse to accept older notes.  Royal Bank of Scotland, Bank of Scotland and Clydesdale may produce and distribute banknotes bearing their respective nicknames. The age-old argument that English establishments do not accept Scottish paper money has been put to the test – and many of us claim it is a counterfeit note. In fact, no banknote is classified as legal tender in Scotland, where only coins are counted as such. Well, the Bank of England has made it clear that it will remain legal in England, Wales and Northern Ireland until Scotland is formally and constitutionally separated, which would be in 2016 according to Alex Salmond`s timetable (but some think it could be much later, as dissolving the union would be complicated). „Legal tender has a very narrow and technical meaning, which refers to the settlement of debts. This means that if you are in debt to someone, you cannot be sued for non-payment if you offer full payment of your debt as legal tender,“ says the Bank of England. Scotland`s oldest bank is the Bank of Scotland, founded in 1695 and now part of Lloyds Banking Group. Interestingly, it was founded by an Englishman, while the Bank of England was founded by a Scotsman (1694). The Bank of Scotland, along with the Royal Bank of Scotland and the Clydesdale Bank, still issues Scottish banknotes today.
While some people might argue that they are not legal tender, they are legal tender in the UK; For instructions on the legal status of coins, please follow the link for the Mint. 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.  Currently, three retail banks are authorised to print banknotes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank. They could remain legal tender and be put on an equal footing with the rest of the pound. Nevertheless, the Bank of England was not always satisfied with the privileges of Scottish banks in issuing banknotes. A bank owner told me that the former governor of the Bank of England, Lord King, was eager to throw the Scottish pound into the dustbin of history. Click here to learn more about the legal status of this notice. The Mint explains that the term „legal tender“ is a narrow technical term referring to the settlement of debts and, in ordinary transactions, both parties may agree to accept „any form of payment“. On occasion, the Royal Bank of Scotland issues commemorative banknotes. Examples include the £1 note issued on the occasion of Alexander Graham Bell`s 150th birthday in 1997, the £20 note for the 100th birthday of Queen Elizabeth the Queen Mother in 2000, the £5 note in honour of veteran golfer Jack Nicklaus at his last championship opened in St.
Andrews in 2005, and the £10 note commemorating Queen Elizabeth II`s Diamond Jubilee in 2012. These banknotes are highly sought after by collectors and rarely remain in circulation for long. In England, Royal Mint coins and Bank of England banknotes are legal tender, while in Scotland and Northern Ireland, only Royal Mint coins are legal tender. Many common and secure payment methods such as cheques, debit cards and contactless payment methods are not legal tender. But even here, it makes no difference in everyday life. The Association of Commercial Banknote Issuers states: „The term `legal tender` has very little practical meaning for ordinary and everyday transactions and does not affect the acceptance of approved notes as a means of payment.“ Basically, „the acceptance of all means of payment, including banknotes, is essentially a matter of agreement between the parties involved.“ From May 2020, the Royal Bank of Scotland is introducing a new series of notes. These will be made of polymer. Three (the 5-book, 10 and 20 book notes) have already been published.
The £5 note depicts poet Nan Shepherd on the obverse, accompanied by a quote from her book The Living Mountain and the Cairngorms in the background. The reverse shows two mackerel and an excerpt from the Scottish Gaelic poem „The Choice“ by Sorley MacLean.  The obverse of the 10-pound note shows scientist Mary Somerville with a quote from her book The Connection of the Physical Sciences and Burntisland Beach in the background. The reverse shows two otters and an excerpt from Norman MacCaig`s poem „Moorings.“  The obverse of the £20 note depicts entrepreneur Catherine Cranston. The reverse shows two red squirrels and a quote from the Scottish poem „Venus and Cupid“ by Mark Alexander Boyd.  The obverse of the next £50 note, to be published in August 2021 and now in red to reflect the Bank of England`s £50 notes, features educator Flora Stevenson on the front and an osprey on the reverse.  In 2017, just weeks after the introduction of the Bank of England`s new £10 note, three Scottish banks released their own plastic tenners. Carmichael wants to encourage UK businesses to recognise and accept Scottish banknotes with its legal tender law. Clydesdale Bank currently has two sets of notes in circulation. The latest set of banknotes, the Polymer series, entered circulation in March 2015 when Clydesdale Bank became the first bank in the UK to issue polymer notes.