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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.
Bank of Scotland was founded by an Act of the Scottish Parliament on 17th July 1695. It is Scotland's first and oldest bank, and post-dates the Bank of England by just one year.The Bank was set up primarily to develop Scotland's trade, mainly with England and the Low Countries. It began business in February 1696, with a working capital of Â£120,000 Scots (Â£10,000 sterling).n 1696, Bank of Scotland became the first commercial bank in Europe to successfully issue paper currency. This was an invaluable service, given the unreliability of Scots coinage at that time. These first notes were issued in denominations of Â£5, Â£10, Â£50 and Â£100 - the first Â£1 note did not appear until 1704.