Jake Miller
In Scotland, three retail banks are allowed to print notes for circulation: Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank. The Clydesdale Bank £10 note, also known as a tenner, is a sterling banknote and the second smallest denomination issued by the Clydesdale Bank. The Clydesdale Bank £20 note is the third-largest denomination of banknote issued by the Clydesdale Bank. Although Clydesdale Bank notes are not legal tender in the UK, they are legal currency and are generally accepted throughout the United Kingdom.
| Characteristics | Values |
|---|---|
| Are Clydesdale bank notes legal tender in Scotland? | No, they are not legal tender in Scotland. However, they are legal currency and are generally accepted throughout the UK. |
| Are Clydesdale bank notes legal tender in the UK? | No, they are not legal tender in the UK. However, they are legal currency and are generally accepted throughout the UK. |
| Are Clydesdale bank notes legal tender outside the UK? | No. |
| Are Clydesdale bank notes still being issued? | Yes, the Clydesdale Bank issues £10 and £20 notes. |
| Are older Clydesdale bank notes still accepted? | Yes, older notes continue to be accepted at banks. |
| Are Clydesdale bank notes backed by the Bank of England? | Yes, Scottish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes. |
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What You'll Learn
- Clydesdale Bank notes are not legal tender in the UK, but they are legal currency
- Scottish banknotes are issued by retail banks, not government central banks
- Clydesdale Bank notes are fully backed, so holders have the same protection as those with Bank of England notes
- Clydesdale Bank was the first in Great Britain to issue polymer banknotes
- Clydesdale Bank occasionally issues special-edition banknotes
Clydesdale Bank notes are not legal tender in the UK, but they are legal currency
Although Clydesdale Bank notes are not legal tender in the UK, they are legal currency. This means that they are generally accepted throughout the UK, and holders have the same level of protection as those holding genuine Bank of England notes.
Clydesdale Bank, founded in 1838, is one of three Scottish retail banks that issue banknotes in Scotland. The other two are the Bank of Scotland and the Royal Bank of Scotland. Scottish banknotes are unusual because they are issued by retail banks, not government central banks. They are also not legal tender anywhere in the UK, including Scotland. However, they are still legal currency and are widely accepted.
Clydesdale Bank began issuing £10 and £20 notes in 1838, the year of its founding. These early banknotes were monochrome and printed on one side only. The bank has also occasionally issued special-edition banknotes, such as a £10 note celebrating its sponsorship of the Scotland team at the 2006 Commonwealth Games. In 2015, Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes, with the introduction of its £5 commemorative notes marking the 125th anniversary of the Forth Bridge.
The issuing of banknotes by Scottish banks is regulated by the Banking Act 2009, which ensures that Scottish banknotes are fully backed. This means that the issuing banks must hold assets worth at least the value of all the banknotes they have in circulation. These assets can include Bank of England banknotes, UK coins, and funds held in an account at the Bank of England. As a result, Scottish banknotes are a secure and widely accepted means of payment in the UK, even though they are not legal tender.
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Scottish banknotes are issued by retail banks, not government central banks
Three retail banks are currently allowed to print notes for circulation in Scotland: the Bank of Scotland, the Royal Bank of Scotland, and the Clydesdale Bank. The Bank of Scotland, the oldest bank in the country, was the first bank in Europe to successfully print its own banknotes in 1695. The issuing of retail-bank banknotes in Scotland is subject to various acts, including the Banking Act 2009 and the Scottish and Northern Ireland Banknote Regulations 2009.
The process of issuing banknotes by retail banks in Scotland is unique. Scottish banknotes are classified as promissory notes, and the issuing banks are required to hold an equivalent sum of Bank of England banknotes or gold to the total value of notes issued. This means that Scottish banknotes are not withdrawn from circulation like Bank of England notes, which cease to be legal tender on a specified date. Instead, Scottish banks remove old notes from circulation as they are banked, and any remaining notes are still honoured by banks. However, retailers may refuse to accept older Scottish notes.
The design of Scottish banknotes often features notable Scottish figures and landmarks. For example, all Bank of Scotland notes bear a portrait of Sir Walter Scott, commemorating his 1826 campaign for Scottish banks to retain the right to issue their own notes. The Royal Bank of Scotland occasionally issues commemorative banknotes, such as the £1 note for the 150th anniversary of Alexander Graham Bell's birth in 1997. The Clydesdale Bank also issues special-edition banknotes, like the £10 note celebrating its sponsorship of the Scotland team at the 2006 Commonwealth Games.
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Clydesdale Bank notes are fully backed, so holders have the same protection as those with Bank of England notes
Although Clydesdale Bank notes are not legal tender in the UK, they are legal currency and are generally accepted throughout the United Kingdom. Clydesdale Bank notes are fully backed, so holders have the same protection as those with Bank of England notes. This means that the issuing banks are required by law to hold assets that are worth at least the value of all the banknotes they have in circulation. These assets can include Bank of England banknotes, UK coins, and funds held in an account at the Bank of England. As a result, if one of the issuing banks were to fail, the backing assets could be used to reimburse everyone who holds one of its banknotes.
Clydesdale Bank is one of three Scottish retail banks that are allowed to print notes for circulation in Scotland. The other two are the Bank of Scotland and the Royal Bank of Scotland. The issuing of banknotes by these banks is subject to the Banking Act 2009 and the Scottish and Northern Ireland Banknote Regulations 2009. Scottish banknotes are unusual because they are issued by retail banks rather than government central banks, and because they are not legal tender anywhere in the United Kingdom.
The current set of Scottish Pound Sterling banknotes issued by Clydesdale Bank is known as the World Heritage Series. These banknotes feature a Scottish World Heritage Site on the reverse side and are used as a means of payment in Scotland. The £20 note, for instance, features the Scottish king Robert the Bruce on the front and the islands of St Kilda on the back. The £10 note, also known as a "tenner," features Scottish poet Robert Burns on the front and a vignette of the Old and New Towns of Edinburgh on the back.
Although Scottish banknotes are not legal tender, they are nevertheless widely accepted in the UK. Most shops in England will accept them, and they can also be exchanged for cash or used to make online payments. Overall, while Clydesdale Bank notes may not be legal tender, they are still a secure and widely accepted form of payment in the UK.
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Clydesdale Bank was the first in Great Britain to issue polymer banknotes
Scottish banknotes are issued by three Scottish retail banks: the Bank of Scotland, the Royal Bank of Scotland, and Clydesdale Bank. These notes are not legal tender anywhere in the United Kingdom, but they are used as a means of payment in Scotland, and most shops in England will accept them.
Clydesdale Bank has been issuing banknotes since 1838. In 2015, Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes. The £5 commemorative notes were issued to mark the 125th anniversary of the construction of the Forth Bridge. The notes feature a portrait of prominent Scottish engineer Sir William Arrol, whose company was responsible for the construction of the Forth Bridge, as well as other famous Scottish landmarks. The new notes also include several new security features, including a reflective graphic printed over a transparent window in the banknote. This feature, known as Spark® Orbital™, appears as shiny ink in the shape of Scotland and changes colour as the note is moved and tilted.
Polymer notes are proven to be more durable than existing currency, with research finding that they stay cleaner for longer, are more difficult to counterfeit, and last at least two-and-a-half times longer than paper notes. They will even survive a spin in the washing machine, although they will melt under extreme heat, such as from an iron. More than 20 countries around the world have adopted polymer banknotes. The Clydesdale Bank note is also smaller than existing currency.
The Clydesdale Bank polymer series continues the theme of the World Heritage Series of paper banknotes, which were introduced in autumn 2009. The new notes each depict a notable Scot on the front and an illustration of one of Scotland's UNESCO World Heritage Sites on the reverse.
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Clydesdale Bank occasionally issues special-edition banknotes
While Scottish banknotes are not legal tender anywhere in the United Kingdom, they are still in circulation and are used as a means of payment in Scotland. Banknotes of the pound sterling are issued by three Scottish retail banks: Bank of Scotland, the Royal Bank of Scotland, and Clydesdale Bank.
The Clydesdale Bank's polymer series continues the theme of the World Heritage Series of paper banknotes, which were introduced in 2009. Each note in the series depicts a notable Scot on the front and an illustration of one of Scotland's UNESCO World Heritage Sites on the back. The £20 note, for example, features Robert the Bruce, King of the Scots, with a spider on the front side and in the window, weaving its web. This note is purple and the backside features the village of New Lanark in the Clyde Valley.
The £10 note from the Clydesdale Bank features Scottish poet Robert Burns and the Old and New Towns of Edinburgh. The reddish-brown polymer note shows city sights and Edinburgh Castle on its reverse side.
The future of the Clydesdale Bank's banknotes was uncertain after the CYBG's takeover of Virgin Money in 2018 and the planned phasing out of the Clydesdale Bank brand by 2021. However, in June 2019, the company confirmed that it would continue to issue notes under the Clydesdale Bank name with no changes to the design.
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Frequently asked questions
No, Clydesdale bank notes are not legal tender in the UK, including Scotland. However, they are a legal currency and are generally accepted throughout the UK.
No, Scottish banknotes are not legal tender in Scotland or anywhere in the UK. However, they are legal currency and are generally accepted across the UK.
Yes, Clydesdale bank notes are still in circulation. The Clydesdale Bank began issuing banknotes in 1838, the same year as its founding.
The Clydesdale Bank issues banknotes in the following denominations: £5, £10, £20, £50, and £100.
Yes, you can exchange Clydesdale bank notes for cash. Several websites offer this service, and you can also exchange them at banks.
