Issuing banks will continue to accept all Scottish money from customers even after the deadline, and paper notes can be replaced with plastic ones. The Bank of England has also said that it is easier to detect a counterfeit note with the polymer version compared to paper notes. The Bank of Scotland said customers will be able to deposit their paper notes into their accounts as usual after the September 30 deadline, while non-Bank of Scotland customers will be able to exchange paper notes up to a value of £250 in polymer version. The date of redemption of paper notes will come when the Bank of England lets its own £20 and £50 paper notes expire, meaning people will have to use their remaining Bank of England paper notes until the end date when they will no longer be legal tender. Scots should pay them back better, as a number of paper banknotes have to be withdrawn from circulation in Scotland. A portrait of the Queen is printed on the window, with „£10 Bank of England” printed twice in the margins. „We have set March 1 as a deadline for the use of £5 and £10 paper notes. Scotland`s central banks will continue to accept old paper banknotes and there are currently no plans to change this. From May 2020, the Royal Bank of Scotland is introducing a new series of banknotes. These will be made of polymer. Three (the £5, £10 and £20 notes) have already been released. The £5 note features poet Nan Shepherd on the front, accompanied by a quote from her book The Living Mountain and the Cairngorms in the background.
The reverse shows two mackerel and an excerpt from Sorley MacLean`s Scottish Gaelic poem „The Choice”. [11] The front of the 10-book note shows scientist Mary Somerville with a quote from her work The Connection of the Physical Sciences and Burntisland Beach in the background. The reverse shows two otters and an excerpt from Norman MacCaig`s poem „Moorings”. [12] The front of the £20 note depicts entrepreneur Catherine Cranston. The reverse shows two red squirrels and a quote from mark Alexander Boyd`s Scottish-language poem „Venus and Cupid.” [13] The front of the next £50 note, which will be published in August 2021 and is now red to reflect the Bank of England`s £50 notes, features educator Flora Stevenson on the front and a osprey on her back. [14] This deadline coincides with the date of payment of the £10 Bank of England note. The Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland will open their £20 and £50 paper notes on 30 September. ==References==Scottish banknotes are unusual, on the one hand because they are issued by retail banks and not by state central banks, and on the other hand because they are technically not legal tender anywhere in the UK – not even in Scotland, where no banknote – including those issued by the Bank of England – is defined as legal tender in law. [2] [3] Formally, they are classified as promissory notes, and the law requires issuing banks to hold a sum of Bank of England banknotes or gold equal to the total value of the banknotes issued. [4] The last banknotes to be withdrawn from use are paper banknotes worth £20 and £50, meaning people could be prevented from using them from 1 October.
The £20 and £50 notes are the last to be withdrawn from circulation, as £5 and £10 paper notes were issued on the 2nd. March 2018. The new 50-pound notes, such as the 10- and 20-pound polymer notes, contain a tactile function that helps visually impaired people identify the denomination. To facilitate identification, the three issuing banks in Scotland use the same main colour for each denomination: blue for £5, brown for £10, purple for £20, green for £50 and red for £100. [7] This colour scheme is similar to current Bank of England banknotes (except that the £50 Bank of England note is red rather than green and does not issue a £100 note). With the introduction of polymer banknotes, the colour of the £50 and £100 banknotes was changed to red and turquoise respectively. The size of the banknotes is also uniform across the three Scottish banks and the Bank of England. A spokesman for the Scottish Bankers` Committee said: „Thanks to the work that issuing banks have already done to exchange old paper notes for safer and greener polymer notes, the majority of 5 and £10 notes have already been replaced by polymer.
The fact that banknotes are not defined as legal tender means that they will not be withdrawn from circulation in the same way as Bank of England banknotes, which are no longer legal tender at any given time. Instead, Scottish banks are removing old banknotes from circulation while they are being banked. All banknotes still in circulation will continue to be respected by banks[5], but retailers may refuse to accept older banknotes. [6] The current 10-pound note replaces our 10-pound note, which was withdrawn from circulation on March 1, 2018. The deadline coincides with the Banks of England`s deadline to withdraw £20 and £50 banknotes from circulation, which is also 30 September. The current new £10 polymer note was issued in 2017[8], and the Scottish Bankers Committee encouraged the public to issue or exchange older, non-polymer ten-pound notes before 1 March 2018. [9] The new design was unveiled in April 2016 and features a portrait of scientist Mary Somerville on the front. Next to the portrait is a photo of Burntisland Beach as well as a quote from Somerville`s The Connection of the Physical Sciences. The back of the note shows a photo of two otters next to an excerpt from Norman MacCaig`s poem Moorings. [10] According to the Bank of England website, there is still more than £6 billion of paper – £20 with economist Adam Smith and paper banknotes worth over £8 billion – £50 with engineers Boulton and Watt in circulation.
That`s more than 300 million individual £20 notes and 160 million 50-pound paper notes. There are now less than four weeks left for all Scottish paper notes worth £5 and £10 to be withdrawn from circulation. But the Scottish newspaper`s notes will continue to be accepted, according to the Scottish Bankers Committee, as reported in the Daily Record earlier this year. On occasion, the Royal Bank of Scotland issues commemorative notes. Examples include the £1 note issued on the occasion of Alexander Graham Bell`s 150th birthday in 1997, the £20 note for the 100th year. Queen Elizabeth`s birthday The Queen Mother in 2000, the £5 note honouring experienced golfer Jack Nicklaus at his last competitive Open Championship in St Andrews in 2005, and the £10 note commemorating Queen Elizabeth II`s Diamond Jubilee in 2012.