Banks have been operating in Scotland since the late 1690's. In the 300 years since, many banks have started and most , even where they failed ,have been absorbed by other banks. Today there are just three banks issuing notes in Scotland today- the Bank of Scotland, the Clydesdale Bank and the Royal Bank of Scotland. Scotland boasts one of the longest traditions of issuing paper currency. All Scottish notes are redeemable irrespective of age. Even if a bank no longer trades today its responsibility for honouring notes has been assumed by the bank which subsequently acquired it. Notes from the 18th and 19th century are scarce and rarely turn up on the market but the notes of the 20th century offer a wealth of material for the collector. During the 20th century the following banks were issuing notes: The Bank of Scotland The British Linen Bank The Caledonian Banking Company The Clydesdale Bank The Clydesdale and North of Scotland Bank The Commercial Bank of Scotland The National Bank The National Commercial Bank The North of Scotland Bank The North of Scotland and Town and County Bank Limited The Town and County Bank Limited The Royal Bank of Scotland The Union Bank of Scotland The note issues of Scotland have always been amongst the most colourful in the British Isles and I have to admit they are amongst my all time favourites! Collectors could be forgiven for being overwhelmed by the choice available . With so many banks, we would advise that most collectors start by getting one note from each of the Banks that issued notes during the 20th century. (The issues of the Caledonian Banking Company and the North of Scotland and Town and County Bank and the Town and County Bank would need to be excluded from this listing because they are scarce) You may then decide to collect just one denomination from any or all of the banks, or just concentrate on one bank and collect every issue from that bank. The possibilities are endless! Others take one of the three banks issuing notes to day and then decide to collect the notes from each of the constituent banks in that bank's family tree. The Bank of Scotland absorbed the British Linen Bank, the Caledonian Banking Company and the Union Bank of Scotland. The Clydesdale Bank absorbed the North of Scotland Bank, the North of Scotland and Town and County Bank and the Town and County Bank and at one stage was also known as the Clydesdale and North of Scotland Bank before reverting to the Clydesdale Bank title. The Royal Bank of Scotland absorbed the National Commercial Bank which itself was a merger between the National Bank and the Commercial Bank. The collector is immediately struck by the wonderful engraving of these Scottish issues. There's much variety, they're colourful and they're different.! While the English series has been fairly conservative with its designs over the years, the Scots haven't held back! Denominations have been issued from the £1 to the £100. In 1988 the £1 was discontinued by all but the Royal Bank of Scotland. The lowest denomination for the Bank of Scotland and the Clydesdale Bank is the £5 and the highest denomination for all banks is the £100. A collector can keep busy for quite some time with the many varieties that the Scottish series has to offer. Once you begin you will find much to keep you interested. The Scottish series does not command the premiums seen in the English series for first and last prefixes. This may be because there is so much to keep the collector busy with size and design changes. Tips on Collecting Scottish Banknotes Wherever possible notes should be collected in the best grade possible. Given the choice, we would recommend you purchase one note in good condition than several in lesser grade. Notes issued after the mid 1960's are available in high grade and collectors should aim to include notes which are at least EF condition. Prior to this , and the further back one goes, the less likely the collector is going to be able to find notes in better than VF. Notes issued before 1914 are collectable in any condition. A note on grading Scottish notes. Until the late 1950's Scottish notes were not issued to bank tellers in flat packs as they are today. The £1 notes were issued in rolls and the larger denominations from the £5 up were folded twice envelope fashion . The rolls on the £1 note often left evidence of a light central fold. Larger denominations would have two fold lines. This is perfectly normal and to be expected. What may vary is the sharpness of the fold. If this fold does not exist in these larger notes of the period , it is highly likely that someone has tried to flatten the note in the past in an attempt to remove the fold lines. Buyers beware! (As old habits die hard it is very common indeed to see these fold lines of notes being issued in the late 1960's so do not dismiss them!) In the early part of the 20th century the £10 is probably the scarcest denomination. For some reason this denomination was never popular with the public and while most banks were known to issue this denomination it is much scarcer than the £5 or £20. This does not apply to notes issued after 1970. Further Reading: 20th Century Scottish Banknotes Volume 1 - Bank of Scotland/British Linen Bank/Union Bank of Scotland Volume 2 - Royal Bank of Scotland, National Bank of Scotland, Commercial Bank of Scotland, National Commercial Bank of Scotland Volume 3 - Clydesdale Bank, Clydesdale and North of Scotland Bank North of Scotland Bank, North of Scotland and Town and County Bank and The Town and County Bank.