Is it true that Scottish banknotes are not legal tender?
Yes, it is – but Bank of England notes arent legal tender in Scotland either. Officially, the phrase ‘legal tender’ means money that a person is obliged to accept if offered it in payment of a debt. Under Scottish law, that does not include banknotes, which are classified as ‘legal currency’ but not ‘legal tender’. The only historical exception was during the two world wars, when as a temporary measure the government made banknotes legal tender in Scotland, as a way of reinforcing peoples trust in them. This was important in a time of shortages, when the government needed to be sure that people would not hoard gold.
