Editing Pound Scots (section)

{{Short description|Currency in the Kingdom of Scotland until 1707}}
{{Use British English|date=September 2019}}
{{Use dmy dates|date=January 2014}}
{{More citations needed|date=August 2014}}
{{Infobox currency
| currency_name =Pound Scots
| currency_name_in_local =Pund Scottis <small>(Middle Scots)</small><br/>Punnd na h-Alba <small>{{in lang|gd}}</small>
| image_1 = James VI 1601 662018.jpg
| image_background_1 =
| image_title_1 =Gold [[Sword and Sceptre]] coin of 1601, with a denomination of £6 Scots
| image_width_1 =
| image_alt_1 =    
| image_2 = 
| image_background_2 =
| image_title_2 =
| image_width_2 =
| image_alt_2 =
| iso_code =
| issuing_authority =
| issuing_authority_title =
| issuing_authority_website =
| date_of_introduction = 
| date_of_introduction_source =
| unofficial_users =
| using_countries = [[Kingdom of Scotland]]<br>[[Earldom of Orkney]]
| pegged_with =
| pegged_by =
| subunit_ratio_1 = {{Fraction|2|3}}
| subunit_name_1 = [[Merk (coin)|merk]]
| superunit_inline_note_1 =
| subunit_ratio_2 = {{Fraction|20}}
| subunit_name_2 = [[Shilling#Kingdom of Scotland|shilling]]
| symbol_subunit_2=s. or /–
| subunit_ratio_3 = {{Fraction|240}}
| subunit_name_3 = [[Penny Scots]]
| symbol_subunit_3=d.
| subunit_inline_note_1 =
| symbol = [[£]]
| symbol_subunit_1 = <!-- thru |symbol_subunit_5 = -->
| nickname =
| nickname_subunit_1 = <!-- thru |nickname_subunit_5 = -->
| plural =pounds
| plural_subunit_1 = <!-- thru |plural_subunit_5 = -->
| coin_article =
| used_coins =
| frequently_used_coins =
| rarely_used_coins =
| banknote_article =
| used_banknotes =
| frequently_used_banknotes =
| rarely_used_banknotes =
| printer =
| value =
| printer_website =
| mint =See ''[[Mints of Scotland]]''
| mint_website =
| obsolete = 1 May 1707
| footnotes =
}}
{{Coin image box 1 double
| header =  David II (1329–1371): [[penny]]
| image = Image:Scotland penny 802002.jpg
| caption_left = +DAVID DEI GRACIA, crowned head left; sceptre before
| caption_right = [REX] SCT TOR Vm+, long cross; [[Mullet (heraldry)|mullet]]s in quarters.
| width = 350
| footer = 18mm; 1.31 g; circa 1351–1357.
| position = right
| margin = 0
}}
The '''pound''' ([[Scots language|Modern]] and [[Middle Scots]]: ''Pund'') was the currency of [[Scotland]] prior to the 1707 [[Treaty of Union]] between the [[Kingdom of Scotland]] and the [[Kingdom of England]], which created the [[Kingdom of Great Britain]]. It was introduced by [[David I of Scotland|David I]], in the 12th century, on the [[£sd|Carolingian monetary system]] of a [[Pound (currency)|pound]] divided into 20 [[shilling]]s, each of 12 [[penny|pence]]. The Scottish currency was later [[devaluation|devalued]] relative to [[Pound sterling|sterling]] by [[debasement]] of its coinage.{{citation needed|date=August 2022}} By the time of [[James III of Scotland|James III]], one pound Scots was valued at five shillings sterling.{{citation needed|date=August 2022}}

Silver coins were issued denominated in [[merk (coin)|merk]], worth 13s.4d. Scots (two-thirds of a pound Scots). When [[James VI of Scotland|James VI]] became King James I of England in 1603, the coinage was reformed to closely match [[Coins of the pound sterling|sterling coin]], with £12 Scots equal to £1&nbsp;sterling.<ref>{{cite journal|last=Meikle|first=Maureen|title=Review of "Prices, Food and Wages in Scotland, 1550–1780|journal=Albion: A Quarterly Journal Concerned with British Studies|publisher=North American Conference on British Studies |url=https://www.jstor.org/stable/4052591 |url-access=subscription |volume=27|issue=4|page=724|jstor=4052591}}</ref> No gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707.<ref name="RH79">{{cite journal|last=Hoblyn|first=Richard|title=Milled Scottish Coins : 1637—1709|year=1879|journal=The Numismatic Chronicle and Journal of the Numismatic Society|publisher=Royal Numismatic Society {{Subscription required}}|volume=19|pages=113–114|jstor=42679414}}</ref>

With the [[Acts of Union 1707]], the pound Scots was replaced by sterling coin at the rate of 12:1 (£1 Scots = twenty [[Penny (English coin)|pence]]   sterling), although the pound Scots continued to be used in Scotland as a [[unit of account]] for most of the 18th century.

Today there is no distinct Scots currency; but [[Scotland]]'s three largest [[Clearing (finance)|clearing]] banks (the [[Royal Bank of Scotland]], the [[Bank of Scotland]] and the [[Clydesdale Bank]]) issue banknotes denominated in sterling. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; their value is backed by non-circulating large denomination notes issued by the [[Bank of England]] (the "[[Bank of England £1,000,000 note|giants]]" and "[[Bank of England £100,000,000 note|titans]]").