Topic summary
Scottish banknotes
Extracted from the Wikipedia article Banknotes of Scotland.
Scottish banknotes are unusual, as they are issued by retail banks (not government central banks) and because they are not legal tender in the United Kingdom — including Scotland, where, in law, no banknotes (including those issued by the Bank of England) are defined as legal tender. Formally, they are classified as promissory notes, and the law requires that the issuing banks hold a sum of Bank of England banknotes or gold equivalent to the total value of notes issued.