Currency in the Kingdom of Scotland until 1707 / From Wikipedia, the free encyclopedia
The pound (Modern and Middle Scots: Pund) was the currency of Scotland prior to the 1707 Treaty of Union between the Kingdom of Scotland and the Kingdom of England, which created the Kingdom of Great Britain. It was introduced by David I, in the 12th century, on the Carolingian monetary system of a pound divided into 20 shillings, each of 12 pence. The Scottish currency was later devalued relative to sterling by debasement of its coinage. By the time of James III, one pound Scots was valued at five shillings sterling.
|Pund Scottis (Middle Scots)|
Punnd na h-Alba (in Scottish Gaelic)
|shilling||s. or /–|
|User(s)||Kingdom of Scotland|
Earldom of Orkney
|Mint||See Mints of Scotland|
|This infobox shows the latest status before this currency was rendered obsolete.|
|David II (1329–1371): penny|
|+DAVID DEI GRACIA, crowned head left; sceptre before||[REX] SCT TOR Vm+, long cross; mullets in quarters.|
|18mm; 1.31 g; circa 1351–1357.|
Silver coins were issued denominated in merk, worth 13s.4d. Scots (two-thirds of a pound Scots). When James VI became King James I of England in 1603, the coinage was reformed to closely match sterling coin, with £12 Scots equal to £1 sterling. No gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707.
With the Acts of Union 1707, the pound Scots was replaced by sterling coin at the rate of 12:1 (£1 Scots = twenty pence sterling), although the pound Scots continued to be used in Scotland as a unit of account for most of the 18th century.
Today there is no distinct Scots currency; but Scotland's three largest clearing banks (the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank) issue banknotes denominated in sterling. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; their value is backed by non-circulating large denomination notes issued by the Bank of England (the "giants" and "titans").