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Quick Answer. Like the rest of the United Kingdom, the currency used in Scotland is the British pound. Scottish banks do print their own version of the pound, which are called Scottish notes. These notes are widely accepted across the United Kingdom but may be denied in rare cases. One pound is made up of 100 pence.
The Bank of England uses very large denomination notes for transactions between it and the Banks of Scotland and Northern Ireland. A giant is one of these notes that is backed by one million pounds, and a titan is backed by 100 million pounds.