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Is a Scottish one pound note redeemable?
ajaan
Posts: 17,128 ✭✭✭✭✭
Glasgow 29th March 1982
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
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ajaan
Posts: 17,128 ✭✭✭✭✭
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
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This stuff is all on the internet and you don't need to ask here! Be more proactive! Learn to use a search engine!
https://www.bankofengland.co.uk/banknotes/withdrawn-banknotes
A single pound note is probably not worth the effort, however.
Glasgow....doesn't that make it Scottish? There are three or so Scottish banks that issue notes. They would have their own rules for redemption. But I am sure it would be easier to sell it on Ebay.
@JBK You are correct, of course, s/b Scottish. I don't know how etsy works, but one possibly might find a greater fool to buy on etsy, if the asking prices shown on the 'net are indicative.
A lot of misinformation is on the internet. I saw on the internet that the older round British pound coins can be deposited into a bank account. My daughter-in-law tried it, the bank said no.
To BillDugan1959, so sorry to bother you. I won't ask anymore questions on this forum. When I first stated on this forum 18 years ago, people we so much nicer. How times have changed.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Most people are still nice. Unfortunately the least nice ones usually make the most noise, don't take it too personally.
Highly enthusiastic about world coins, contemporary circulating counterfeits and unusual stuff
For future reference: there isn't actually any such thing as a "British banknote". There are "British coins", but not banknotes. Instead, there are English, Scottish and Northern Irish banknotes. England has just the one note-issuing bank (the Bank of England), but Scotland has three (Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank). Northern Ireland has four: Bank of Ireland, First Trust Bank, Danske Bank (ceased issuing in Feb 2019) and Ulster Bank. These are their current names; back in 1983, the banks may have been trading under different names - just like banks anywhere else, they go though name changes and mergers.
Bank of England notes are legal tender in England, Wales and Northern Ireland, and generally accepted in Scotland too. Scottish and Irish banknotes are not, technically, "legal tender" anywhere; they are generally accepted in trade in their respective countries but not elsewhere in the UK. In Scotland, neither Scottish nor English banknotes are "legal tender" - the only "legal tender" is coinage.
Roman emperor Marcus Aurelius, "Meditations"
Apparently I have been awarded one DPOTD.
All Scottish banknotes back to the 1880s are redeemable, most Scottish banknotes back to 1695 are also redeemable.
Sapyx, very interesting. Much like when the banks in the US used to issue their own notes. My Scottish note is from Clydesdale Bank PLC.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Redeemable as in, you can take them to the bank to get face value? Interesting.
And I agree, in the 18 or so years I've been around.....there have been some very hateful people who feel the need to belittle everyone every chance they get.
Ajaan, way too much correct information here to be had. Keep those questions coming.
8 Reales Madness Collection
Good summary of the legalities.
I can only add some anecdotal experience I had while living in London some years ago.
I had a Scottish co-worker who told me that English banknotes were accepted in Scotland, but that Scottish banknotes were accepted in England at the business's or bank's discretion. He said most places in London would take Scotty notes but in smaller towns they often did not. He also said they would not take Scottish 1 pound notes in England since England at that time was no longer issuing 1 pound notes themselves.
The Forum is a wonderful place when respect for all is in play!
Scottish banknotes are a wee specialty of mine collecting wise. As long as the banknotes were issued by the current three operating note issuing banks, Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland or their absorbed banks they are redeemable as far back as 1695 for Bank of Scotland, 1838 for Clydesdale and 1727 for Royal Bank. When notes are dated before the 1970s they are quite a bit more valuable than face value. National Commercial Bank and British Linen Bank issued notes up to the late 1960s and 1970 when they were absorbed by other banks.
There were many reasons that Scottish banks were more successful than English banks, joint stock arrangements with near universal note redemption and a more conservative approach to growth up until recently were a reason they didn't fail like their English counterparts.
But Clydesdale Bank is stopping note issue in a couple of years, similarly to how Danske Bank in Belfast is this year. Their notes are still redeemable.
Please don't let one rude comment chase you off @ajaan.
It's best if I say no more.
I have lived in Scotland for the last 12 years so can give a bit of info. Royal bank of Scotland 1 pound notes would still show in Scotland in the late 2000s and most people would accept them. A lot of younger people would swap them out for a coin and keep the note, as they were already uncommonly seen. These finally disappeared around 2010. I don't remember any many Clydesdale or Bank of Scotland 1 pound still circulating.
Bank of Scotland and Clydesdale last issued quid notes in 1988, RBS laboured on with the quid until 2000. There was rumoured to be a print run done after that but it was never released to circulation. I believe RBS continued the quid note as a form of keeping their name in people's pocketbooks as long as possible. Clydesdale Bank is opting to cease note issuing privilege in the next couple of years.
Interesting. Imagine walking in with an old note from the 1600s and asking to cash it in for face.