Bank of England £1 note still occasionally found in circulation in Scotland, alongside Royal Bank of Scotland £1 notes. This is because Scotland has no concept of Legal Tender, and any Sterling bank note, of any age, may be used provided the trader is content to accept it. The Bank of England will exchange old £1 notes for their face value in perpetuity. Information taken from Bank of England website. Bank of England £1 note The Bank of England £1 note was a banknote of the pound sterling. After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by
Bank of England note issues Treasury note entitles the Bank of England to payment of one million pounds on demand out of the Consolidated Fund of the United Kingdom'." A third note surfaced on the collector market, dated 8 September 2003, serial number is R016492, and it is signed by Andrew Turnbull, Secretary to the Treasury, and cancelled. A £10 million note was auctioned by Dix Noonan Webb, in London on 29 September 2014. The Treasury Bill, which promises to pay the bearer £10 million but is stamped “cancelled”, is expected to fetch a more modest figure of up to £15,000 in the sale. Until