No, they do not. In order to be able to print and issue their own bank notes, the scottish banks must hold the equivalent value of Bank of England notes. This is the only reason the BoE produces very high value notes (£1million+) and they are only used internally to represent the money issued as other bank notes by the likes of RBS, Clydesdale etc.barcode wrote:Thanks to Q.I, I have found out that the Bank of England has 100million notes and 1 millions Notes.
can I ask does any of the 3 Scottish banks that allowed to print money have this?
Do heat-laminated banknotes remain legal tender?
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Gavin Scott
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I'm not clear on how you have determined that Scottish Banks (RBS and HBOS) don't internally transfer equally large sums.
I'm sure they do transfer vast sums of money, but assume that they would be more sensible and do it electronically. The physical presence of £1million notes is surely just a quaint tradition which has been continued long past its original practical purpose. It is meant to give assurance that the BoE has the necessary funds to cover the notes issued by HBOS, RBS etc. In reality though, I doubt anyone would think that their RBS £20 note would become worthless in the event that the bank folded.
Perhaps, therefore, I should've simply said that there is no reason for the Scottish banks to have such high denomination notes as it would be a duplication of an equivalent value BoE note they already held.
Perhaps, therefore, I should've simply said that there is no reason for the Scottish banks to have such high denomination notes as it would be a duplication of an equivalent value BoE note they already held.
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The banknotes issued by the various banks in Scotland and Northern Ireland are not technically legal tender, but are an accepted form of transaction across the United Kingdom by the Bank of England on behalf of the Government.
I wouldn't mind if there was a single form of Scottish banknote and a Northern Ireland banknote, but the present arrangements appear to be based more on the advertising and branding of the individual issing banks than anything else. That said, it wouldn't bother me if we were using Euros.
I wouldn't mind if there was a single form of Scottish banknote and a Northern Ireland banknote, but the present arrangements appear to be based more on the advertising and branding of the individual issing banks than anything else. That said, it wouldn't bother me if we were using Euros.
Bail wrote:Can we get back on topic, I want to know if my last 2hours worth of laminating the contents of my wallet was a foolish thing to do...
Note: £1 coins don't fit in laminators.
after phoning the bank of Scotland there response was:
NO! you have devalue the note and it becomes a piece of paper!
so you now have no money!
Bank of England said;
Well on face value no, but it would still be legal tender if you could see it was in fact a £20 note:
It would also appeal to a note that was coved in Tape, as long as you could see it was in fact £20
but of course shops could still refuse to take the note, there can do what there want there could even use Chair legs as payment if there so wish ( it my word the banks!!!)
also if you want to a Rest......... and used the Laminated banknote to pay and the place refused, and you were taken to court, the LAW is still on you side, as you did in fact have the money to pay it.
Well on face value no, but it would still be legal tender if you could see it was in fact a £20 note:
It would also appeal to a note that was coved in Tape, as long as you could see it was in fact £20
but of course shops could still refuse to take the note, there can do what there want there could even use Chair legs as payment if there so wish ( it my word the banks!!!)
also if you want to a Rest......... and used the Laminated banknote to pay and the place refused, and you were taken to court, the LAW is still on you side, as you did in fact have the money to pay it.