- Pound Scots
Coin image box 1 double
header = David II (1329-1371):penny
caption_left = +DAVID DEI GRACIA, crowned head left; scepter before
caption_right = [REX] SCT TOR Vm+, long cross; mullets in quarters.
width = 350
footer = 18mm; 1,31 g; circa 1351-1357.
position = right
margin = 0The pound Scots ( _sc. Pund Scots) was the national unit ofcurrency in theKingdom of Scotland before the country entered into political andcurrency union with theKingdom of England in 1707 (seeActs of Union 1707 ). It was introduced by David I on the model of English and French money, divided into 20shilling s each of 12 pence. The Scottish currency was later debased relative to sterling and, by the time of James III, the pound sterling was valued at four pounds Scots.In addition to the pound Scots, silver coins were issued denominated in merk, worth 13 shillings 4 pence (two thirds of a pound Scots). When James VI became King James I of England in 1603, the coinage was reformed to closely match that of England, with 12 pounds Scots equal to the pound sterling. In 1707, the pound Scots was replaced by the pound sterling at a rate of 12 to 1, although the pound Scots continued to be used in Scotland as a unit of account for most of the 18th century.
Today there is no distinct Pound Scots; but
Scotland 's three largest national clearing banks (theRoyal Bank of Scotland , theBank of Scotland and theClydesdale Bank ) still print paper pound notes for domestic circulation. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; they represent the samePound Sterling value as doBank of England notes in England and Wales. (Technically, no paper money, whether issued by the Bank of England or by one of the various Scottish or Northern Irish banks chartered to print notes, is mandated to belegal tender in Scotland; all paper money in the country is still in theory issued as 'promissory note s' — essentially a cheque made out to bearer.)ee also
*
British banknotes
*Scottish coinage
*Penny Scots
*Mark (money)
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