Banknotes: Why do Scotland and Northern Ireland have their own money?
- Published
Sameena's in Edinburgh to find out why Scotland has its own banknotes
All three banks in Scotland have now brought out their new £20 notes, following the launch of the Bank of England note on 20 February.
They're all the same colour and have similar safety features but with different designs on them.
But you might be wondering...
Why do Scotland and Northern Ireland have their own banknotes?
Some banks in Scotland and Northern Ireland have permission to print their own notes and they choose to do just that.
They're high street banks so are printing notes on behalf of their own bank, whereas the Bank of England's notes are printed on behalf of the whole of the UK.
It's a tradition that goes back hundreds of years and is often seen as an important part of national identity.
Scottish notes
In Scotland three banks print their own notes: Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank.
The Royal Bank of Scotland issued a new £20 note on 5 March. The note features the image of historic Scottish businesswoman Kate Cranston, making it the first Scottish £20 note to feature a woman, other than the Queen, on its front.
The Bank of Scotland launched their new £20 note on 28 February. Famous Scottish writer Sir Walter Scott appears on the front of the notes.
Clydesdale Bank launched their new £20 note on 27 February. Famous Scottish King Robert the Bruce appears on the front, as he has done on their notes since the 1970s.
All three Scottish banks print £100 notes too!
Northern Ireland notes
In Northern Ireland the Bank of Ireland, Ulster Bank and Danske Bank print their own notes and they have plans to make new £20 notes soon too.
Ulster Bank plan to launch their new note later this year too - which are vertical, not like the horizontal banknotes that you might be used to seeing.
Ulster bank notes are vertical
A fourth bank in Northern Ireland, First Trust Bank (now known as AIB), also has its own notes but plans to stop issuing them from 30 June 2020.
First Trust Bank/AIB plan to stop issuing their own notes this summer
The Isle of Man, Jersey and Guernsey also issue banknotes in the British Islands.
Why doesn't Wales have its own money?
Only the Bank of England issues banknotes in Wales so the nation doesn't have any different set of notes like Scotland or Northern Ireland.
Are notes from Scotland and Northern Ireland legal currency?
The notes printed by the banks in Scotland and Northern Ireland are legal currency and can be used anywhere in the UK.
But it's not against the law for a shop to refuse to accept the notes - they might not be used to seeing notes from Scotland or Northern Ireland and if they don't recognise them easily they might choose not to take them.
- Published14 February 2020
