Pound Scots


Pound Scots

Coin image box 1 double
header = David II (1329-1371): penny



caption_left = +DAVID DEI GRACIA, crowned head left; scepter before
caption_right = [REX] SCT TOR Vm+, long cross; mullets in quarters.
width = 350
footer = 18mm; 1,31 g; circa 1351-1357.
position = right
margin = 0
The pound Scots ( _sc. Pund Scots) was the national unit of currency in the Kingdom of Scotland before the country entered into political and currency union with the Kingdom of England in 1707 (see Acts of Union 1707). It was introduced by David I on the model of English and French money, divided into 20 shillings each of 12 pence. The Scottish currency was later debased relative to sterling and, by the time of James III, the pound sterling was valued at four pounds Scots.

In addition to the pound Scots, silver coins were issued denominated in merk, worth 13 shillings 4 pence (two thirds of a pound Scots). When James VI became King James I of England in 1603, the coinage was reformed to closely match that of England, with 12 pounds Scots equal to the pound sterling. In 1707, the pound Scots was replaced by the pound sterling at a rate of 12 to 1, 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 Pound Scots; but Scotland's three largest national clearing banks (the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank) still print paper pound notes for domestic circulation. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; they represent the same Pound Sterling value as do Bank of England notes in England and Wales. (Technically, no paper money, whether issued by the Bank of England or by one of the various Scottish or Northern Irish banks chartered to print notes, is mandated to be legal tender in Scotland; all paper money in the country is still in theory issued as 'promissory notes' — essentially a cheque made out to bearer.)

ee also

*British banknotes
*Scottish coinage
*Penny Scots
*Mark (money)


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Look at other dictionaries:

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  • pound Scots — pound2 (def. 4). [1605 15] * * * …   Universalium

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  • Scots — may refer to: *The Scottish people, the inhabitants of Scotland *Scottish Gaelic language, Gàidhlig *Scots language (also known as Lowland Scots to distinguish it from Gàidhlig) *Scottish English *Scots pine, a Scottish tree *Short for Pound… …   Wikipedia

  • Scots — Scots, a. [For older Scottis Scottish. See {Scottish}.] Of or pertaining to the Scotch; Scotch; Scottish; as, Scots law; a pound Scots (1s. 8d.). [1913 Webster] …   The Collaborative International Dictionary of English

  • Pound sterling — GBP redirects here. For other uses, see GBP (disambiguation). Pound sterling Peuns sterling (Cornish) Punt steirling (Irish) Punt Sostynagh …   Wikipedia

  • Pound (currency) — The pound, a unit of currency, originated in England as the value of a pound mass of silver. [ [http://www.etymonline.com/index.php?term=pound Online Etymology Dictionary] ] For a long time, £1 worth of silver coins were a troy pound in… …   Wikipedia

  • pound — pound1 pounder, n. /pownd/, v.t. 1. to strike repeatedly with great force, as with an instrument, the fist, heavy missiles, etc. 2. to produce or effect by striking or thumping, or in a manner resembling this (often fol. by out): to pound out a… …   Universalium

  • pound — 1. n. 1 a unit of weight equal to 16 oz. avoirdupois (0.4536 kg), or 12 oz. troy (0.3732 kg). 2 (in full pound sterling) (pl. same or pounds) the chief monetary unit of the UK and several other countries. Phrases and idioms: pound cake a rich… …   Useful english dictionary

  • Pound — 1. n. 1 a unit of weight equal to 16 oz. avoirdupois (0.4536 kg), or 12 oz. troy (0.3732 kg). 2 (in full pound sterling) (pl. same or pounds) the chief monetary unit of the UK and several other countries. Phrases and idioms: pound cake a rich… …   Useful english dictionary


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