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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by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 side featuring the composer Sir Edward Elgar and Worcester Cathedral. The £20 banknote was known to have suffered from higher cases of counterfeiting (276,000 out of 290,000 cases detected in 2007) than any other denominations. In February 2006, the Bank announced a new design for the note which featured Scottish economist Adam Smith with a drawing of a pin factorythe institution which supposedly inspired his theory of economics. Smith is the first Scot to appear on a Bank of England note, although the economist has already appeared on Scottish Clydesdale Bank £50 notes. The design of the £20 note was