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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by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 to combat forgery, higher denomination notes (at the time as high as £1,000) were removed from circulation. Banknotes in various denominations have been issued over time. The denominations are listed in this table, using information from the Bank of England's Withdrawn Banknote guide: The Bank of England's first ten-shilling (10/-) note was issued on 22 November 1928. This note featured a vignette of Britannia, a feature of the Bank's notes since 1694. The predominant colour was red-brown. Unlike previous notes it, and the contemporaneous £1 note, were not dated but are instead identified by the signature of the Chief Cashier