The authorities have therefore encouraged the public south of the border to issue or deposit them with their bank before the 30 September deadline. The Royal Bank of Scotland (RBS) states on its website that, unlike the Bank of England, paper notes are still considered legal, but businesses and businesses may no longer be required to accept paper notes from that date. If they accept them, it is at the discretion of the company. The Scottish Bankers` Committee (CSCB) has announced the deadline on behalf of the Scottish banknote-issuing banks Royal Bank of Scotland, Clydesdale Bank and Bank of Scotland. « People who are not Bank of Scotland customers can visit a Bank of Scotland branch and exchange £20 and £50 banknotes for polymer versions worth £250. » 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. A bank of Scotland spokesman told Glasgow Live: « On 30 September 2022, the Bank of Scotland will withdraw the £20 and £50 paper notes. Paper banknotes have been replaced by polymer versions that are already in circulation. Clydesdale Bank currently has two series of banknotes in circulation. The newest set of banknotes, the Polymer series, went into circulation in March 2015, when Clydesdale Bank became the first bank in the UK to issue polymer banknotes. The £5 commemorative notes issued on the occasion of the 125th anniversary of the anniversary of the construction of the Forth Bridge, include several new security features, including a reflective graphic printed on a transparent window in the banknote.
[23] [24] Additional banknotes in the polymer banknote series will be introduced over time, replacing previous paper banknotes: the public was invited to issue or exchange five- and ten-pound non-polymer notes before 1 March 2018, which have now been withdrawn from circulation. [6] Although the majority of £20 and £50 paper banknotes in circulation have been replaced by new polymer versions, there are still more than £5 billion of paper banknotes in circulation, £20 billion with economist Adam Smith and nearly £6 billion of paper notes with engineers Boulton and Watt. That`s more than 250 million individual 20-pound notes and more than 110 million 50-pound paper notes. Footnote [1] The Royal Bank of Scotland has issued banknotes since its inception in 1727. We have always been at the forefront of banknote design and have introduced some of the features that are now considered essential for any banknote. In 1777 we were the first bank in Europe to issue multi-coloured banknotes, and in 1826 we were the first British bank to issue a double-sided banknote. 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. Swiss Post will continue to accept paper tickets after the deadline, as will some construction companies. After the 30th. In September 2022, you will no longer be able to use paper tickets. However, the following options remain available: 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 by 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 Royal Bank of Scotland plc is one of three Scottish banks authorised to issue Scottish pounds sterling. The current set of RBS notes, issued since 1987, features Lord Ilay, the bank`s first governor. These banknotes are a valid means of payment in Scotland, but in other parts of the UK they are not legal tender. However, most stores in England accept them. We exchange these modern Royal Bank of Scotland banknotes for free. We also donate money for notes withdrawn from the Royal Bank of Scotland. However, people can still exchange them at their bank branch. 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. 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 birthday of Queen Elizabeth 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.
These notes are highly sought after by collectors and rarely remain in circulation for a long time. Do you have any current Royal Bank of Scotland banknotes like the ones in the images below? Add the amount you want to trade to your wallet. You`ll see exactly how much money you get for your Scottish pounds. Click on the wallet icon to complete the payment and get paid within 5 days of receiving your currency. Scottish paper banknotes are being withdrawn from circulation as the polymer becomes increasingly popular due to its longevity. All polymer banknotes bearing a portrait of Queen Elizabeth II are still legal tender and the public can continue to use them as usual. Another announcement regarding the bank of England`s existing banknotes will be made once the time of royal mourning has been reached. The Scottish paper notes of the Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland were withdrawn from circulation and the delay was only a few days. « After 30 September 2022, Bank of Scotland customers will still be able to deposit £20 and £50 paper notes from Bank of Scotland into their Bank of Scotland account. Each banknote issued by the Royal Bank of Scotland contains a number of security features so that the public, retailers and banks know that the banknotes they receive are genuine.
Most of these features are visible to the naked eye. Many are also machine-readable. This is the last week that our paper tickets can still be used. The deadline coincides with the Banks of England`s deadline to withdraw £20 and £50 banknotes from circulation, which is also 30 September. The Royal Bank of Scotland will exchange and accept paper notes from customers and will also exchange banknotes for non-customers. All our polymer banknotes can be checked by looking for two important security features: a hologram that alters the image; and transparent windows. So if you can check a ticket denomination, you can check them all. The move comes just over a year after the new £50 polymer banknotes – depicting portraits of Sir Walter Scott and Flora Stevenson – were put into circulation. On this website you can find out more about our current tickets. Clydesdale Bank will exchange all Scottish banknotes for its own customers with a £250 allowance for non-customers. The previous series of Royal Bank of Scotland banknotes, originally issued in 1987, is currently being replaced by polymer banknotes: the Scottish Bankers` Committee has encouraged the public to issue or exchange non-polymer five- and ten-pound notes before 1 March 2018, which have now been withdrawn from circulation. [6] On the front of each note is an image of Lord Ilay (1682-1761), the bank`s first governor, based on a portrait painted in 1744 by Edinburgh artist Allan Ramsay.
[21] On the front of the banknotes is also an engraving of the bank`s former headquarters in St. Andrew Square in Edinburgh.