How does money work in the UK.

  SG Atlantis® 21:36 15 May 2006

In NI we accept all printed notes Scottish, English and the multitude of our own, each bank here prints their own here.

Yet in England it's Bank of England notes only and that a few places will take our notes, very rarely. Scotland will only take their own or English.

I always wondered why?

  Forum Editor 21:58 15 May 2006

was passed in 1845 and this Act regulates today's note issue by the Scottish banks. The banks were permitted to issue notes to the extent of the average circulation for the year to 1 May 1845 without any backing of coin or security. That act is still in force, and for the three Scottish banks which today issue their own banknotes only£3m comes under that privilege out of nearly £1,500m in circulation. The balance has to be covered at the Bank of England.

An interesting feature of the Scottish banknotes has been the fact that they have never (apart from under temporary provisions introduced in both World Wars) been "legal tender" even in Scotland, although they are, of course, legal currency.

  GANDALF <|:-)> 22:21 15 May 2006

I have never had a problem spending Scottish notes in England and they have always been readily accepted.


  Mikè 08:15 16 May 2006

I certainly wouldn't accept Scottish banknotes, if you rarely see them how do you recognise a dud?

  keith-236134 08:27 16 May 2006

"each bank here prints their own here." that sounds a bit chaotic, perhaps we could start doing that here on our computers.

  kiddgame2000 08:48 16 May 2006

After the IRA knocked over the Northern Bank over here i had a lot of trouble getting rid of my old £20 Northern Bank notes for obvious reasons.

System needs changed.

  Monoux 13:15 16 May 2006

My Money Talks -- Yes it does - It says BYE !!

  SG Atlantis® 14:26 16 May 2006

We still get people trying to pay with the old brown coloured ten pound notes. They're now green and purple!

When the Northern Bank was robbed they kept the same design but printed new notes in a different colour... in case anyone wonders what I'm on about.

My question still stands why have all these banks produce different notes that aren't widely accepted across the UK?

hairyplums it's interesting having all these different notes. I hate the plastic fivers we have.

  jack 14:32 16 May 2006

It is interesting to note that whilst these appears to be some ambivilance with regards notes
With coins [these days the more difficult to forge I would imagine] they are a definite No No
Isle of Man,Channel Isles and others use standard style coins minted by the Royal Mint with their own
Heads'n'tails - and are if spotted rejected out of hand,but Welsh,Scottish[are there NI ones?] are all mixed up with English in our pockets and purses

  DieSse 14:38 16 May 2006

Like Gandalph - when, many years ago, I lived in Scotland, I often spent Scottish notes in England. I always thought Clydesdale Bank ones were the most amusing to spend, because of their look and name.

When asked, as I often was, if they could be used in England, I always replied confidently (and truthfully) "Yes, of course". The usual response was "OK, that's alright then".

I did the same when hiring a car in the UK with a Spanish driving licence a few years ago ago. Hirer -"Is this OK to use in the UK?" - me "Yes of course" - hirer "Oh - that's alright then"

  SG Atlantis® 15:23 16 May 2006

NI coins? No.

"Isle of Man,Channel Isles and others use standard style coins minted by the Royal Mint with their own Heads'n'tails"

They still have the Queen's head on the reverse and have the normal denominations we accept them over here with no problems.

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