Clydesdale Bank £5 note banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009. Though strictly not legal tender in Scotland, Scottish banknotes are nevertheless legal currency and are generally accepted throughout the United Kingdom. Scottish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes. The £5 note is currently the smallest denomination of banknote issued by the Clydesdale Bank. Scottish banknotes are not withdrawn in the same manner as Bank of England notes, and therefore several different versions of the
Bank of England £20 note amount that had been redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of twenty pounds" replacing the name of the payee. This declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward. The right to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The twenty pound note ceased to be produced by the Bank