# Pound Scots
> Mediated Wiki article. Canonical URL: https://mediated.wiki/source/Pound_Scots
> Markdown URL: https://mediated.wiki/source/Pound_Scots.md
> Source: https://en.wikipedia.org/wiki/Pound_Scots
> Source revision: 1319234733
> License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/)
{{Short description|Currency in the Kingdom of Scotland until 1707}}
{{Use British English|date=September 2019}}
{{Use dmy dates|date=January 2014}}
{{More citations needed|date=August 2014}}
{{Infobox currency
| currency_name =Pound Scots
| currency_name_in_local =Pund Scottis (Middle Scots)
Punnd na h-Alba {{in lang|gd}}
| image_1 = James VI 1601 662018.jpg
| image_background_1 =
| image_title_1 =Gold [Sword and Sceptre](/source/Sword_and_Sceptre) coin of 1601, with a denomination of £6 Scots
| image_width_1 =
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| image_2 =
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| iso_code =
| issuing_authority =
| issuing_authority_title =
| issuing_authority_website =
| date_of_introduction =
| date_of_introduction_source =
| unofficial_users =
| using_countries = [Kingdom of Scotland](/source/Kingdom_of_Scotland)
[Earldom of Orkney](/source/Earldom_of_Orkney)
| pegged_with =
| pegged_by =
| subunit_ratio_1 = {{Fraction|2|3}}
| subunit_name_1 = [merk](/source/Merk_(coin))
| superunit_inline_note_1 =
| subunit_ratio_2 = {{Fraction|20}}
| subunit_name_2 = [shilling](/source/Shilling)
| symbol_subunit_2=s. or /–
| subunit_ratio_3 = {{Fraction|240}}
| subunit_name_3 = [Penny Scots](/source/Penny_Scots)
| symbol_subunit_3=d.
| subunit_inline_note_1 =
| symbol = [£](/source/%C2%A3)
| symbol_subunit_1 =
| nickname =
| nickname_subunit_1 =
| plural =pounds
| plural_subunit_1 =
| coin_article =
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| banknote_article =
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| printer =
| value =
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| mint =See ''[Mints of Scotland](/source/Mints_of_Scotland)''
| mint_website =
| obsolete = 1 May 1707
| footnotes =
}}
{{Coin image box 1 double
| header = David II (1329–1371): [penny](/source/penny)
| image = Image:Scotland penny 802002.jpg
| caption_left = +DAVID DEI GRACIA, crowned head left; sceptre before
| caption_right = [REX] SCT TOR Vm+, long cross; [mullet](/source/Mullet_(heraldry))s in quarters
| width = 350
| footer = 18 mm; 1.31 g; circa 1351–1357
| position = right
| margin = 0
}}
The '''pound''' ([Modern](/source/Scots_language) and [Middle Scots](/source/Middle_Scots): ''Pund'') was the currency of [Scotland](/source/Scotland) prior to the 1707 [Treaty of Union](/source/Treaty_of_Union) between the [Kingdom of Scotland](/source/Kingdom_of_Scotland) and the [Kingdom of England](/source/Kingdom_of_England), which created the [Kingdom of Great Britain](/source/Kingdom_of_Great_Britain). It was introduced by [David I](/source/David_I_of_Scotland), in the 12th century, on the [Carolingian monetary system](/source/%C2%A3sd) of a [pound](/source/Pound_(currency)) divided into 20 [shilling](/source/shilling)s, each of 12 [pence](/source/penny). The Scottish currency was later [devalued](/source/devaluation) relative to [sterling](/source/Pound_sterling) by [debasement](/source/debasement) of its coinage.{{citation needed|date=August 2022}} By the time of [James III](/source/James_III_of_Scotland), one pound Scots was valued at five shillings sterling.{{citation needed|date=August 2022}}
Silver coins were issued denominated in [merk](/source/merk_(coin)), worth 13s.4d. Scots (two-thirds of a pound Scots). When [James VI](/source/James_VI_of_Scotland) became King James I of England in 1603, the coinage was reformed to closely match [sterling coin](/source/Coins_of_the_pound_sterling), with £12 Scots equal to £1 sterling.[{{cite journal|last=Meikle|first=Maureen|title=Review of "Prices, Food and Wages in Scotland, 1550–1780|journal=Albion: A Quarterly Journal Concerned with British Studies|publisher=North American Conference on British Studies |url=https://www.jstor.org/stable/4052591 |url-access=subscription |volume=27|issue=4|page=724|jstor=4052591}}] No gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707.[{{cite journal|last=Hoblyn|first=Richard|title=Milled Scottish Coins : 1637—1709|year=1879|journal=The Numismatic Chronicle and Journal of the Numismatic Society|publisher=Royal Numismatic Society {{Subscription required}}|volume=19|pages=113–114|jstor=42679414}}]
With the [Acts of Union 1707](/source/Acts_of_Union_1707), the pound Scots was replaced by sterling coin at the rate of 12:1 (£1 Scots = twenty [pence](/source/Penny_(English_coin)) sterling), although the pound Scots continued to be used in Scotland as a [unit of account](/source/unit_of_account) for most of the 18th century.
Today there is no distinct Scots currency; but [Scotland](/source/Scotland)'s three largest [clearing](/source/Clearing_(finance)) banks (the [Royal Bank of Scotland](/source/Royal_Bank_of_Scotland), the [Bank of Scotland](/source/Bank_of_Scotland) and the [Clydesdale Bank](/source/Clydesdale_Bank)) issue banknotes denominated in sterling. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; their value is backed by non-circulating large denomination notes issued by the [Bank of England](/source/Bank_of_England) (the "[giants](/source/Bank_of_England_%C2%A31%2C000%2C000_note)" and "[titans](/source/Bank_of_England_%C2%A3100%2C000%2C000_note)").
==List of coins of the pound Scots==
* [Pistole](/source/Pistole_(Scottish_coin)) – Gold, 12 pounds Scots
* Dollar – Replacement for the ryal, 60 shillings Scots (James VI)
* Ryal – Gold, 1565
* Crown or Lion – Gold ([James I](/source/James_I_of_Scotland))
* Half-crown, Demi-Lion or Demys – Gold (James I)
* Ducat or "bonnet" – 40 shillings, 1539 ([James V](/source/James_V_of_Scotland))
* [Mark or merk](/source/Merk_(coin)) – Gold (giving rise to the term [markland](/source/markland_(Scots)))
* Noble – Gold, worth half a mark, 1357 ([David II](/source/David_II_of_Scotland), reintroduced by [Robert III](/source/Robert_III_of_Scotland))
* [Unicorn](/source/Unicorn_(coin)) – Gold, 18 shillings Scots, 1484–85 ([James III](/source/James_III_of_Scotland))
* Half-unicorn – Gold, 9 shillings Scots ([James IV](/source/James_IV_of_Scotland))
* [Testoun](/source/Testoun) – silver, 1553. Was produced in France with the new process of mill and screw, being the first [milled coinage](/source/milled_coinage) of Scotland.[Stewart: ''The Scottish Coinage'']
* [Bawbee](/source/Bawbee) – [Billon](/source/Billon_(alloy)), six pence