The Royal Bank of Scotland £5 note by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009.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 second smallest denomination of banknote issued by The Royal Bank of Scotland. Scottish banknotes are not withdrawn in the same manner as Bank of England notes, and therefore several different versions
Bank of England £20 note of England in 1943, and it was not until 1970 with the introduction of the series D notes that the denomination reappeared. The predominantly purple series D notes were two-sided, with an image of Queen Elizabeth II appearing on one side, accompanied by an image of Saint George and the Dragon (all subsequent Bank of England notes also feature an image of the Queen) and an image of William Shakespeare appearing on the other. This note also had a security feature in the form of a 'windowed' metal thread. The thread is woven into the paper so that it forms