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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by
The Royal Bank of Scotland £1 note those holding genuine Bank of England notes. In 1727, the Royal Bank of Scotland began issuing twenty-shilling notes (equivalent to £1). Early banknotes were monochrome, and printed on one side only. The first twenty-shilling notes were dated 8 December 1727 and were hand-signed by a bank cashier and given a unique number. The cashier also added by hand the equivalent value in old Scots pounds — a currency that had been abolished 20 years earlier in the Acts of Union 1707 which united the Kingdoms of England and Scotland into the Kingdom of Great Britain. Twenty shillings was equivalent to