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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by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 of England's notes have featured portraits of British historical figures. Of the eight banks authorised to issue banknotes in the UK, only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender. Bank of England notes are not legal tender in Scotland and Northern Ireland, but are accepted there along with the respective countries' national banknotes. There are currently four different denominations of notes – £5, £10, £20 and £50. Each value has its own distinct colour scheme and the size of each note increases in length and width as the value increases.