The currency of Scotland is no different from the rest of the United Kingdom. She is in use throughout the UK. The thing is that it is also represented by the British pound (£). Scottish banks print their own versions. These "Scottish banknotes" are widespread throughout the United Kingdom, although some stores outside Scotland refuse them. However, when visiting tourists from foreign countries, it is better to exchange money for local ones.
The rate of the Scottish pound to the ruble is 1 to 84.27.
Background
The history of the currency of Scotland is very remarkable. The first known coins in Scotland were brought here by the Romans. Before their arrival, the trade that existed in Caledonia was apparently carried out by exchanging one product for another.
Found treasures show that Roman coins were used in Scotland for at least five centuries after the Empire invaded there. There is evidence that the ancient Scots traded with Roman Britain.
First own coins
Anglo-Saxon and Viking coins were widely used in the south of Scotland in the 9th and 10th centuries, but a big leap forward occurred in 1136, when King David I captured Carlisle and his silver mines. He quickly began to mint silver coins - the first currency of Scotland. Besides his profile on one side, the Scottish silver penny was pretty much identical to English, and most importantly, it was minted by the same weight standards.
Thus, for almost 200 years, a de facto monetary union has existed since English and Scottish pennies were used on both sides of the border.
David also introduced the Scottish pound and, under the influence of the Normans, adopted his system: 12 pennies per shilling and 20 shillings per pound.
The last of the Bruce dynasty, David II, decided to terminate the monetary union and actually devalued the Scottish coin. In 1356, the English king Edward III generally banned Scottish coins in his country, which forced Robert III to further depreciate the currency of Scotland. He minted the first gold coin, William I the Lion and the Stuart dynasty continued to innovate and introduce new coins. Especially beautiful was the Unicorn of Scotland, introduced by King James III.
The coin, the monetary unit of Scotland of those times, was supposedly worth its weight in any metal in this era. When the Scottish economy was in decline, the kings reduced the amount of metal in production, thereby automatically depreciating the Scottish currency.
The Stuarts were interested in changes when minting coins. Everyone in Scotland was forced to exchange old money for new, and the kings profited well from this.
It was the Stuarts who first began to beat out the motto of the Order of the Thistle on coins: Nemo Me Impune Lacessit (No one hurts me without injuring myself).
When the King of Scotland, James VI, became King of England, James I, despite the fact that both countries remained independent, he ordered the renewal of the monetary union and bring Scottish money to the English standard: 12 Scottish pounds became equal to 1 pound.
In the remaining period of the 17th century, very different coins were minted, while copper remained in circulation.
The last real Scottish coin was a silver shilling, introduced by James VII (II), but its weight reflected the fact that 13 Scottish shillings were equal in value to one English.
Termination of own coinage
Production of a separate Scottish currency was discontinued in 1707, following the Union Act. It is interesting to note that the Act in Article 16 stated that from now on the coin in the whole United Kingdom should be of the same standard and value as in England.
Since 1709, they began to mint a single coin for the whole of Great Britain, which was achieved by Sir Isaac Newton, who was the master of the Mint. The cessation of the Scottish Mint is still seen as a disaster for the country. It was finally closed in 1830.
The advent of paper money
By the time of the merger, the Bank of Scotland, founded in 1695, had already begun issuing currencies that could transform the economic situation. Banknotes printed in Edinburgh could be redeemed in cash, that is, coins or gold, upon request.
The first 1 pound note was printed in 1704, and until the Royal Bank appeared in 1727, the Scottish bank had a wide field of activity. The Crown and Bank of Scotland were competitors and did not recognize each other's banknotes until 1751. Over the centuries, about 80 banks have issued Scottish banknotes. Now there are only three of them - the Bank of Scotland, the Royal Bank and Clydesdale.
A much greater threat came from Westminster. In the mid-1820s, the government ordered £ 5 to become the minimum face value in circulation. A mass campaign has begun. It was aimed at saving the Scottish banknote of 1 pound. The movement was led by a certain Malachi Malaguter, who is also known under the pseudonym Sir Walter Scott. The government eventually surrendered, and this is one of the reasons why its face appeared on Scottish banknotes.
Transformation of the banking system
By the time the Scottish Banknote Act was issued in 1845, the distinctive nature of the currency was undeniable. Currently, technically this money is not legal. Just to prove it, after the collapse of RBS and the Bank of Scotland, the Banking Act of 2009 speaks of three Scottish banks (Royal, Bank of Scotland and Clydesdale) that can issue banknotes. At the same time, they must keep an equivalent copy of the Bank of England banknote of the same cash value for every Scottish banknote that they put into circulation.
Tourist info
Scotland is a well developed country with a good economic infrastructure. For the average tourist, this means that it will be easy to exchange their money. Scotland also has no restrictions on imports or exports on any form of money, so tourists do not have to worry about whatever currency they bring with them to the country.
One pound consists of 100 pence, in circulation are coins in denominations of 1, 2, 5, 10, 20 and 50 pence, as well as 1 and two pounds. Banknotes have a denomination of 5, 10, 20 and 50 pounds. Scottish banks also issue 1 pound. This money can be used as legal tender anywhere in the United Kingdom.