One Pound Coin of 2002
Obverse Shows
Queen Elizabeth II
Reverse Shows
Lions Passant of England
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One Pound Banknote, English, circa 1980
Bank of England
Obverse Shows Queen Elizabeth II
Reverse Shows
Sir Isaac Newton
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One Pound Banknote, Scottish, 1969
The British Linen Bank
Obverse Shows
Sir Walter Scott
Reverse Shows
Seated Britannia
Though The Bank of England is recognized as the official central
bank of the United Kingdom, three Scottish banks are currently authorized to issue banknotes: The Royal Bank of Scotland, Clydesdale Bank,
and
The Bank of Scotland. Scottish banks have issued banknotes
continuously since 1695 and still design and print their own notes.
Scottish banknotes are not legal tender, which means that someone
owed money can legally refuse to accept them, though this seldom
happens. Scottish banks do not produce coins; the minting of coins
is the exclusive right of The Royal
Mint.
(The British Linen Bank was
a noted Scottish bank that was acquired in 1919 by Barclays Bank.
During Barclay's ownership British
Linen continued to operate as a separate entity and retained its own board of directors and continued to issue its
own bank notes. In 1969 Barclays sold The British Linen Bank to the Bank
of Scotland in exchange for a 25% stake in the BoS. The Bank of
Scotland merged British Linen fully into its operations and the British
Linen name ceased to exist in the early 1970s).
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