Scottish banknote issuance
This short note describes what legal tender means and what determines the acceptability, or otherwise, of Scottish banknotes in the rest of the United Kingdom.
Financial institutionsFinancial services
Briefing
This short note outlines the arguments surrounding the acceptability, or otherwise, of Scottish banknotes. The term 'legal tender' is an extremely narrow legal construct and has very little to do with how acceptable a bank note is for payment. Various attempts have been made to clarify the position and to improve the standing of Scottish banknotes. The latest is described here.
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