Jump to content
House Price Crash Forum
piece of paper

'legal' Bid Over Scots Banknotes'

Recommended Posts

http://news.bbc.co.uk/1/hi/scotland/7841273.stm

An attempt is to be made at Westminster to make it legally binding for shops and businesses in England to accept Scottish banknotes....................................................

In Scotland, three banks retain the right to print their own money - the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank. ..............................

He said he had noticed lots of people coming into his own constituency from England who were worried about Scots notes being accepted when they went back over the border.

"That just shouldn't be the case because these notes are equally valid and have the same worth," he said.

If the two highlighted are permitted to print banknotes, I can't see why anybody else shouldn't be allowed to.

Injin, start printing.

p-o-p

Share this post


Link to post
Share on other sites
http://news.bbc.co.uk/1/hi/scotland/7841273.stm

An attempt is to be made at Westminster to make it legally binding for shops and businesses in England to accept Scottish banknotes....................................................

In Scotland, three banks retain the right to print their own money - the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank. ..............................

He said he had noticed lots of people coming into his own constituency from England who were worried about Scots notes being accepted when they went back over the border.

"That just shouldn't be the case because these notes are equally valid and have the same worth," he said.

If the two highlighted are permitted to print banknotes, I can't see why anybody else shouldn't be allowed to.

Injin, start printing.

I've hated the fact that banks print their own bank notes, its even worse in NI where every bank prints its own sodding monopoly money which could be deemed useless at any given moment should a bank collapse or people refuse to accept them. Why should they have individual notes, the Bank of England notes are the legal tender of the UK, not clydesdale, not Bank of Scotland, not bank of Ireland notes in NI, not Ulter bank or northern bank or Allied Irish.

p-o-p

Share this post


Link to post
Share on other sites
http://news.bbc.co.uk/1/hi/scotland/7841273.stm

An attempt is to be made at Westminster to make it legally binding for shops and businesses in England to accept Scottish banknotes....................................................

In Scotland, three banks retain the right to print their own money - the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank. ..............................

He said he had noticed lots of people coming into his own constituency from England who were worried about Scots notes being accepted when they went back over the border.

"That just shouldn't be the case because these notes are equally valid and have the same worth," he said.

It's not strictly true that they are equally as valid. Scottish notes aren't legal tender in England and Wales although they are all Sterling so do have the same worth.

Interestingly however, Scots notes are not even legal tender in Scotland!

Share this post


Link to post
Share on other sites
I got shot of my RBS fiver at the weekend, as I didn't fancy being an unsecured creditor.

Arn't they supposed to keep £10 in BoE notes in a vault for every £10 BoS note they issue?

Share this post


Link to post
Share on other sites
It's not strictly true that they are equally as valid. Scottish notes aren't legal tender in England and Wales although they are all Sterling so do have the same worth.

Interestingly however, Scots notes are not even legal tender in Scotland!

I live in Scotland and even I get confused sometimes by the shear variety of notes that each of the banks are currently printing. There are at least four different (five if you include Englands) £10 notes going around (I think RBS have just released a new set too).

It is no wonder places in England are reluctant to accept them. If you only see a Scottish note once a week for example the chances are that it is different to the one that you got last week, so how are they to know they are not forgeries?

As an interesting (or possibly not) aside. Historically certain (England based) banks/building societies always gave you English cash here in Scotland. Over the past year or so I have noticed that all now give you Scottish notes. I used to change where I went for my money depending on if I was likely to be heading home to England any time soon - to avoid the above issue with people accepting the notes, now it is rare to get English money anywhere.

Edited by lulu

Share this post


Link to post
Share on other sites
It's not strictly true that they are equally as valid. Scottish notes aren't legal tender in England and Wales although they are all Sterling so do have the same worth.

Interestingly however, Scots notes are not even legal tender in Scotland!

really so where are they legal tender then ?

Share this post


Link to post
Share on other sites
I live in Scotland and even I get confused sometimes by the shear variety of notes that each of the banks are currently printing. There are at least four different (five if you include Englands) £10 notes going around (I think RBS have just released a new set too).

It is no wonder places in England are reluctant to accept them. If you only see a Scottish note once a week for example the chances are that it is different to the one that you got last week, so how are they to know they are not forgeries?

As an interesting (or possibly not) aside. Historically certain (England based) banks/building societies always gave you English cash here in Scotland. Over the past year or so I have noticed that all now give you Scottish notes. I used to change where I went for my money depending on if I was likely to be heading home to England any time soon - to avoid the above issue with people accepting the notes, now it is rare to get English money anywhere.

I often travel between England and Scotland and only twice have I had any problems with retailers accepting scottish banknotes and in both cases it was for something already dispensed to me - petrol and a kebab! Both times I managed to convince them to take the note (though I nearly had to go without my kebab!)

Share this post


Link to post
Share on other sites
nowhere - but as long as people believed these Scottish banks were solvent, it didn't matter too much because they could always go to these banks and exchange them for legal tender.

Legal tender has a very narrow legal definition relating to the settlement of debts and has nothing to do with the solvency of the issuing bank.

I think that the last legal tender bank note in Scotland was the English £1 note which went out of circulation in about 1983. The English £1 coin is, I think, the only form of legal tender in Scotland.

Edited by 6538

Share this post


Link to post
Share on other sites
Arn't they supposed to keep £10 in BoE notes in a vault for every £10 BoS note they issue?

:blink: ........ :lol: ....... Why?

Edited by moosetea

Share this post


Link to post
Share on other sites

Speaking to a director at Clydesdale Bank / NAG last year, he said that places in England don't like accepting Clydesdale Bank notes because he himself admitted they were easier to copy. Maybe that's part of the problem with BoS/RBS notes

Share this post


Link to post
Share on other sites

This is pretty far off topic to be honest but I'm going to scotland in a couple of months, what should I do with the notes that I will inevitably pick up on the way? Can I change them back in a bank over here?

Share this post


Link to post
Share on other sites

Huh?

There isn't even a place in law for this to be incorporated.

English shopkeepers aren't even obliged to accept BoE banknotes.

You could set-up a shop if you wanted where the only form of payment you would accept is horse manure. Nothing stopping you.

Edited by djm1972

Share this post


Link to post
Share on other sites
Huh?

There isn't even a place in law for this to be incorporated.

English shopkeepers aren't even obliged to accept BoE banknotes.

You could set-up a shop if you wanted where the only form of payment you would accept is horse manure. Nothing stopping you.

You could but ojnly if you stipulated it in advance. Most sensible shops though price stuff in money. You can't refuse English banknoes and coins are legal tender too if you tender them amounts which amount to legal tender.

http://www.royalmint.com/corporate/policie...guidelines.aspx

"

Legal Tender Guidelines

Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

The amounts for legal tender are stated below.

BANK OF ENGLAND NOTES:

In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.

COINS:

Coins are legal tender throughout the United Kingdom for the following amount:

£5 (Crown) - for any amount

£2 - for any amount

£1 - for any amount

50p - for any amount not exceeding £10

25p (Crown) - for any amount not exceeding £10

20p - for any amount not exceeding £10

10p - for any amount not exceeding £5

5p - for any amount not exceeding £5

2p - for any amount not exceeding 20p

1p - for any amount not exceeding 20p"

Edited by 6538

Share this post


Link to post
Share on other sites
Yes they are. Coins are too if you tender them amounts which amount to legal tender.

http://www.royalmint.com/corporate/policie...guidelines.aspx

"

Legal Tender Guidelines

Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

The amounts for legal tender are stated below.

BANK OF ENGLAND NOTES:

In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.

COINS:

Coins are legal tender throughout the United Kingdom for the following amount:

£5 (Crown) - for any amount

£2 - for any amount

£1 - for any amount

50p - for any amount not exceeding £10

25p (Crown) - for any amount not exceeding £10

20p - for any amount not exceeding £10

10p - for any amount not exceeding £5

5p - for any amount not exceeding £5

2p - for any amount not exceeding 20p

1p - for any amount not exceeding 20p"

You're talking about legal tender; which only applies once a debt has been established.

A shopkeeper can simply refuse a sale if they don't want to accept the payment offered.

Share this post


Link to post
Share on other sites
This is pretty far off topic to be honest but I'm going to scotland in a couple of months, what should I do with the notes that I will inevitably pick up on the way? Can I change them back in a bank over here?

Presumably. You'd certainly be able to take them into any bank branch in Scotland and ask them to exchange them for English notes.

Share this post


Link to post
Share on other sites
I live in Scotland and even I get confused sometimes by the shear variety of notes that each of the banks are currently printing. There are at least four different (five if you include Englands) £10 notes going around (I think RBS have just released a new set too).

Pound coins likewise - with the huge variety of designs on the back and the rim, how is one to know what's a forgery? Unless you take the view that they all are.

Share this post


Link to post
Share on other sites
You're talking about legal tender; which only applies once a debt has been established.

A shopkeeper can simply refuse a sale if they don't want to accept the payment offered.

Only if the method of payment has been agreed prior to a contract being formed. If you say I want to buy this car for £3K and the sales person agrees then you can offer him payment in £5 notes and he cannot then turn round and tell you that he will only accept tenners.

Share this post


Link to post
Share on other sites
Presumably. You'd certainly be able to take them into any bank branch in Scotland and ask them to exchange them for English notes.

They aren't obliged to give you them. Changing the money is merely a service they are providing and they are perfectly entitled to refuse.

Share this post


Link to post
Share on other sites

Now that RBS is 70% owned by the British public and the Bank of Scotland has disappeared into Lloyds, I imagine the separate Scottish bank notes will be phased out. After all, a long time ago, some English banks issued their own notes too, I believe.

Edited by blankster

Share this post


Link to post
Share on other sites
An attempt is to be made at Westminster to make it legally binding for shops and businesses in England to accept Scottish banknotes....................................................

So that QE can be done via these banks and Gordon can claim "it started in Scotland"?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.