Scottish coinage
Encyclopedia
The coinage of Scotland
covers a range of currency and coins in Scotland during Classical antiquity
, the reign of ancient provincial kings, royal dynasties of the ancient Kingdom of Scotland
and the later Mediaeval and Early modern periods.
The earliest coins
in Scotland were introduced by the Roman provinces of Britain
that were obtained from trade with the westernmost outpost of the Rome. Far from being isolated, the Celts of Caledonia
, north of Hadrian's Wall
, developed trade to the general benefit of the population, to the north of the Wall. Roman coins appear over a wide range across the country, especially sites near the Antonine Wall
. Hadrian's Wall
was also regarded as a means to regulate social traffic and trade north, rather than a military defence against the free northern tribes of the Caledoni. Civil settlements arose along south of the wall with shops and taverns that facilitated trade between the Empire and free north. It is possible to recognise groupings of coins from certain periods, during the Flavian
and Antonine occupations; e.g. Cardean Fort
Angus
where Roman dupondius
coins AD 69–79 date to the reign of Emperor Vespasian
. Other sites include coins from North Uist
dating to the 4th century until recently was though to be beyond the sphere of known trade routes. Other native sites include the Fairy Knowe broch
Buchlyvie
, and the broch and dun
at Gargunnock
in Stirlingshire
. Some sites include substantial silver
treasure
hoard
s most likely buried or abandoned in either Roman or native pots. Indicating the Roman governor of Britain paid large sums of money to the inhabitants of southern Scotland and possibly bribing the northern Caledonians to maitain peaceful relations. Payments to chieftains are recorded in four areas; Edinburgh, Fife, Aberdeen and the Moray Firth. This may indicate such discoveries (e.g. the Birnie
hoard of between 200–400 silver coins) were deposited as votive offerings. Examples including coinage of Constantine II
(337–342) with over 20 such hoards found throughout Scotland. Rare examples includes a base silver (potin) coin of Ptolemy XIII of Egypt, 80–51 BC In AD 410, trade ceased as the Roman Empire withdrew from the island of Britain.
various kingdoms sprouted up to the south of Scotland. One of these Northumbria
, soon expanded into the north as far as the kingdom of Strathclyde
. Thus it controlled the southern parts of what is now Scotland, and the bronze Sceat
coins of the Northumbrian Kings circulated freely in what is now Scotland. This coin was issued from 837–854. Anglo-saxon coins
were minted in Northumberland
, however due to the extensive trade routes of the Vikings sceatt coins were also minted in Frisia
and Jutland
during Anglo-Saxon
times and coins of this period indicate the extent of Scottish trade not only with Northumberland but also ith continental Europe
. Norse
also introduced some form of coinage, and coins from as far away as Byzantium
and the Arabic countries have been found in sites in Scandinavia
, including Norway
which has strong links with Scotland in the early Middle Ages.
(1124–53). David I has been regarded as an anglicising force in Scotland, and indeed, the coins bear an uncanny resemblance to those of Stephen, King of England
. The Penny was minted at Berwick, and had his name as "Tavit". The reverse had a short cross with pellets in the four quarters. Later in his reign coins were minted in Berwick
, Roxburgh
and Edinburgh
. By 1250, the country had no less than 16 mints, scattered from Inverness
to Berwick
. Later influences for Scottish coinage were the German speaking lands and France, both of which would contribute names such as "dollar" (Thaler
), "testoun" (from French
tête meaning head
, on account of the portrait on it), and "merk" (or "mark").
In 1485, according to IH Stewart, the groat bore "the first real coin portrait to be seen north of the Alps
".
During the 16th century, production of coinage moved entirely to Edinburgh
, although Stirling
produced one issue of bawbee
s.
in 1603, Scottish coins became more closely based on English models, rather than Continental ones. At this period, it was still not uncommon for coins to be used in more than one country, partly because of their metal value. During the reign of Charles I
, mechanical minting was introduced.
Following the union, James VI
introduced the first gold coins that were similar on both sides of the border, with an exchange rate of 1 pound sterling to 12 pound Scots.
between the Kingdom of Scotland and the Kingdom of England
, the Scottish silver (but not gold nor copper) coinage was replaced with new silver coins, with the aim of creating a common currency
for the new Kingdom of Great Britain
as required by the Treaty of Union
. The exercise was conducted under the guidance of Sir Isaac Newton
, who had previously directed the recoinage in England some years earlier in his role as Warden of the Mint
(and subsequently as Master of the Mint
).
Despite fluctuations in the exchange rate since 1603, and a 1697 proclamation setting the ratio at 13:1, a 12:1 ratio was applied to the recoinage, although compensation was paid. The new coinage was made using Troy weight
s (12 Troy ounces to the pound), rather than the traditional Scots weights (16 Troy ounces to the pound). Coins were minted in both London and Edinburgh, the latter inscribed with the letter 'E' under the bust of the monarch to permit them to be distinguished. Under the supervision of moneyer
s from the Tower Mint in London, a weight of 103,346 pounds in crowns, half-crowns, shillings, and sixpences were minted at the Edinburgh Mint with a value of £320,372 and 12 shillings, equivalent to US$18,588,700 (£10,129,200) at 2008 average silver prices and exchange rates.
As a result of the recoinage, foreign coins, which were frequently used alongside the local currency, stopped being legal tender on 6 October 1707. Pre-Union 40, 20 and 10 shilling coins ceased to be legal tender
on 10 February 1708, but were temporarily put back into circulation before finally ceasing as legal tender on June 1st, along with coins of ½, 1, 2, and 4 merks, 5 shillings, and the 3 shilling 6 pence coin.
The last batch of new coins, consisting of silver shillings and half-crowns were delivered on 5 October 1709, and were to be the last coins to be minted in Scotland.
stipulated that Scotland was to keep its own mint, but this, as with many others, has not been followed.
Although the Edinburgh Mint retained its permanent officials (though not other staff) for a further hundred years, until 1814, minting ceased a mere two years after Union, despite several subsequent proposals to restart production. The mint itself was finally abolished in 1817 and sold in 1830. Abolition caused a low level of protest, mentioned by Sir Walter Scott
, and continued to be protested against by Nationalist pamphlets into the 1950s and beyond. The title of 'Governor of the Mint of Scotland
', which passed to the Chancellor of the Exchequer
under the Coinage Act 1870
, was finally abolished with the passing of the Coinage Act 1971.
The transition from Scottish coinage to English did not occur overnight. Scottish coinage was still in circulation in the later 18th century, but the changeover was made a little easier due to common currency in the nomenclature. Pound Sterling is still translated as Punnd Sasannach (English pound) in Scottish Gaelic Certain old coin names, such as bawbee, continued in colloquial usage into the 20th century. Others, such as mark and dollar, would be more associated with various foreign currencies by contemporary Scots.
Currently, three Scottish banks produce their own banknotes (Bank of Scotland
, Royal Bank of Scotland
and Clydesdale Bank
), but no coinage. Scotland is the only part of the UK where one pound notes are still in usage (although they can be found in the Isle of Man
and Channel Islands
).
, many of the Scottish denominations bore the same names as those in England, but were of slightly different values. The dates, and first kings to issue them are included:
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
covers a range of currency and coins in Scotland during Classical antiquity
Classical antiquity
Classical antiquity is a broad term for a long period of cultural history centered on the Mediterranean Sea, comprising the interlocking civilizations of ancient Greece and ancient Rome, collectively known as the Greco-Roman world...
, the reign of ancient provincial kings, royal dynasties of the ancient Kingdom of Scotland
Kingdom of Scotland
The Kingdom of Scotland was a Sovereign state in North-West Europe that existed from 843 until 1707. It occupied the northern third of the island of Great Britain and shared a land border to the south with the Kingdom of England...
and the later Mediaeval and Early modern periods.
Ancient History and Roman trade (ca 71–400 AD)
COinS
ContextObjects in Spans, commonly abbreviated COinS, is a method to embed bibliographic metadata in the HTML code of web pages. This allows bibliographic software to publish machine-readable bibliographic items and client reference management software to retrieve bibliographic metadata. The...
in Scotland were introduced by the Roman provinces of Britain
Roman Britain
Roman Britain was the part of the island of Great Britain controlled by the Roman Empire from AD 43 until ca. AD 410.The Romans referred to the imperial province as Britannia, which eventually comprised all of the island of Great Britain south of the fluid frontier with Caledonia...
that were obtained from trade with the westernmost outpost of the Rome. Far from being isolated, the Celts of Caledonia
Caledonia
Caledonia is the Latinised form and name given by the Romans to the land in today's Scotland north of their province of Britannia, beyond the frontier of their empire...
, north of Hadrian's Wall
Hadrian's Wall
Hadrian's Wall was a defensive fortification in Roman Britain. Begun in AD 122, during the rule of emperor Hadrian, it was the first of two fortifications built across Great Britain, the second being the Antonine Wall, lesser known of the two because its physical remains are less evident today.The...
, developed trade to the general benefit of the population, to the north of the Wall. Roman coins appear over a wide range across the country, especially sites near the Antonine Wall
Antonine Wall
The Antonine Wall is a stone and turf fortification built by the Romans across what is now the Central Belt of Scotland, between the Firth of Forth and the Firth of Clyde. Representing the northernmost frontier barrier of the Roman Empire, it spanned approximately 39 miles and was about ten feet ...
. Hadrian's Wall
Hadrian's Wall
Hadrian's Wall was a defensive fortification in Roman Britain. Begun in AD 122, during the rule of emperor Hadrian, it was the first of two fortifications built across Great Britain, the second being the Antonine Wall, lesser known of the two because its physical remains are less evident today.The...
was also regarded as a means to regulate social traffic and trade north, rather than a military defence against the free northern tribes of the Caledoni. Civil settlements arose along south of the wall with shops and taverns that facilitated trade between the Empire and free north. It is possible to recognise groupings of coins from certain periods, during the Flavian
Flavian
Flavian may refer to:* Any member of the Flavian dynasty of three Roman rulers of the late 1st century CE- Religious leaders:** Flavian of Ricina , bishop in Italy** Bishops or patriarchs in Asia:*** Flavian I of Antioch Flavian may refer to:* Any member of the Flavian dynasty of three Roman rulers...
and Antonine occupations; e.g. Cardean Fort
Inverquharity
Inverquharity is a Roman fortlet in Scotland, close to the Highland Line about north of Kirriemuir, Angus.Although very little archaeological work has taken place, it is assumed that Inverquharity forms part of the Roman occupation during the Flavian period; this would mean it was constructed...
Angus
Angus
Angus is one of the 32 local government council areas of Scotland, a registration county and a lieutenancy area. The council area borders Aberdeenshire, Perth and Kinross and Dundee City...
where Roman dupondius
Dupondius
The dupondius was a brass coin used during the Roman Empire and Roman Republic valued at 2 asses ....
coins AD 69–79 date to the reign of Emperor Vespasian
Vespasian
Vespasian , was Roman Emperor from 69 AD to 79 AD. Vespasian was the founder of the Flavian dynasty, which ruled the Empire for a quarter century. Vespasian was descended from a family of equestrians, who rose into the senatorial rank under the Emperors of the Julio-Claudian dynasty...
. Other sites include coins from North Uist
North Uist
North Uist is an island and community in the Outer Hebrides of Scotland.-Geography:North Uist is the tenth largest Scottish island and the thirteenth largest island surrounding Great Britain. It has an area of , slightly smaller than South Uist. North Uist is connected by causeways to Benbecula...
dating to the 4th century until recently was though to be beyond the sphere of known trade routes. Other native sites include the Fairy Knowe broch
Broch
A broch is an Iron Age drystone hollow-walled structure of a type found only in Scotland. Brochs include some of the most sophisticated examples of drystone architecture ever created, and belong to the classification "complex Atlantic Roundhouse" devised by Scottish archaeologists in the 1980s....
Buchlyvie
Buchlyvie
Buchlyvie is a village in the Stirling council area of Scotland. It is 24 km west of Stirling, south of Flanders Moss in the Carse of Forth. The village lies on the A811, which follows the line of an eighteenth-century military road...
, and the broch and dun
Dun
Dun is now used both as a generic term for a fort and also for a specific variety of Atlantic roundhouse...
at Gargunnock
Gargunnock
Gargunnock is a small village in the Stirling council area approximately seven miles west of Stirling, in Scotland. The 2001 census population was 944...
in Stirlingshire
Stirlingshire
Stirlingshire or the County of Stirling is a registration county of Scotland, based around Stirling, the former county town. It borders Perthshire to the north, Clackmannanshire and West Lothian to the east, Lanarkshire to the south, and Dunbartonshire to the south-west.Until 1975 it was a county...
. Some sites include substantial silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
treasure
Treasure
Treasure is a concentration of riches, often one which is considered lost or forgotten until being rediscovered...
hoard
Hoard
In archaeology, a hoard is a collection of valuable objects or artifacts, sometimes purposely buried in the ground. This would usually be with the intention of later recovery by the hoarder; hoarders sometimes died before retrieving the hoard, and these surviving hoards may be uncovered by...
s most likely buried or abandoned in either Roman or native pots. Indicating the Roman governor of Britain paid large sums of money to the inhabitants of southern Scotland and possibly bribing the northern Caledonians to maitain peaceful relations. Payments to chieftains are recorded in four areas; Edinburgh, Fife, Aberdeen and the Moray Firth. This may indicate such discoveries (e.g. the Birnie
Birnie
Birnie may refer to:*Birnie Island, a small uninhabited coral island in the Republic of Kiribati*Birnie Kirk, a Church of Scotland church south of Elgin, in Moray, Scotland*Birnie Loch, a loch in North East Fife, ScotlandPeople...
hoard of between 200–400 silver coins) were deposited as votive offerings. Examples including coinage of Constantine II
Constantine II (emperor)
Constantine II , was Roman Emperor from 337 to 340. Co-emperor alongside his brothers, his short reign saw the beginnings of conflict emerge between the sons of Constantine the Great, and his attempt to exert his perceived rights of primogeniture ended up causing his death in a failed invasion of...
(337–342) with over 20 such hoards found throughout Scotland. Rare examples includes a base silver (potin) coin of Ptolemy XIII of Egypt, 80–51 BC In AD 410, trade ceased as the Roman Empire withdrew from the island of Britain.
Early medieval period (500–900)
As the Roman Empire retreated from BritainGreat Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
various kingdoms sprouted up to the south of Scotland. One of these Northumbria
Northumbria
Northumbria was a medieval kingdom of the Angles, in what is now Northern England and South-East Scotland, becoming subsequently an earldom in a united Anglo-Saxon kingdom of England. The name reflects the approximate southern limit to the kingdom's territory, the Humber Estuary.Northumbria was...
, soon expanded into the north as far as the kingdom of Strathclyde
Kingdom of Strathclyde
Strathclyde , originally Brythonic Ystrad Clud, was one of the early medieval kingdoms of the celtic people called the Britons in the Hen Ogledd, the Brythonic-speaking parts of what is now southern Scotland and northern England. The kingdom developed during the post-Roman period...
. Thus it controlled the southern parts of what is now Scotland, and the bronze Sceat
Sceat
Sceattas were small, thick silver coins minted in England, Frisia and Jutland during the Anglo-Saxon period.-History:Their name derives from an Old English word meaning 'wealth', which has been applied to these coins since the seventeenth century, based on interpretations of the law-code of King...
coins of the Northumbrian Kings circulated freely in what is now Scotland. This coin was issued from 837–854. Anglo-saxon coins
COinS
ContextObjects in Spans, commonly abbreviated COinS, is a method to embed bibliographic metadata in the HTML code of web pages. This allows bibliographic software to publish machine-readable bibliographic items and client reference management software to retrieve bibliographic metadata. The...
were minted in Northumberland
Northumberland
Northumberland is the northernmost ceremonial county and a unitary district in North East England. For Eurostat purposes Northumberland is a NUTS 3 region and is one of three boroughs or unitary districts that comprise the "Northumberland and Tyne and Wear" NUTS 2 region...
, however due to the extensive trade routes of the Vikings sceatt coins were also minted in Frisia
Frisia
Frisia is a coastal region along the southeastern corner of the North Sea, i.e. the German Bight. Frisia is the traditional homeland of the Frisians, a Germanic people who speak Frisian, a language group closely related to the English language...
and Jutland
Jutland
Jutland , historically also called Cimbria, is the name of the peninsula that juts out in Northern Europe toward the rest of Scandinavia, forming the mainland part of Denmark. It has the North Sea to its west, Kattegat and Skagerrak to its north, the Baltic Sea to its east, and the Danish–German...
during Anglo-Saxon
Anglo-Saxon
Anglo-Saxon may refer to:* Anglo-Saxons, a group that invaded Britain** Old English, their language** Anglo-Saxon England, their history, one of various ships* White Anglo-Saxon Protestant, an ethnicity* Anglo-Saxon economy, modern macroeconomic term...
times and coins of this period indicate the extent of Scottish trade not only with Northumberland but also ith continental Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
. Norse
Norsemen
Norsemen is used to refer to the group of people as a whole who spoke what is now called the Old Norse language belonging to the North Germanic branch of Indo-European languages, especially Norwegian, Icelandic, Faroese, Swedish and Danish in their earlier forms.The meaning of Norseman was "people...
also introduced some form of coinage, and coins from as far away as Byzantium
Byzantium
Byzantium was an ancient Greek city, founded by Greek colonists from Megara in 667 BC and named after their king Byzas . The name Byzantium is a Latinization of the original name Byzantion...
and the Arabic countries have been found in sites in Scandinavia
Scandinavia
Scandinavia is a cultural, historical and ethno-linguistic region in northern Europe that includes the three kingdoms of Denmark, Norway and Sweden, characterized by their common ethno-cultural heritage and language. Modern Norway and Sweden proper are situated on the Scandinavian Peninsula,...
, including Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
which has strong links with Scotland in the early Middle Ages.
Scottish Crown (ca 1100–1600)
The first king of Scots to produce his own coinage was David IDavid I of Scotland
David I or Dabíd mac Maíl Choluim was a 12th-century ruler who was Prince of the Cumbrians and later King of the Scots...
(1124–53). David I has been regarded as an anglicising force in Scotland, and indeed, the coins bear an uncanny resemblance to those of Stephen, King of England
Stephen, King of England
Stephen , often referred to as Stephen of Blois , was a grandson of William the Conqueror. He was King of England from 1135 to his death, and also the Count of Boulogne by right of his wife. Stephen's reign was marked by the Anarchy, a civil war with his cousin and rival, the Empress Matilda...
. The Penny was minted at Berwick, and had his name as "Tavit". The reverse had a short cross with pellets in the four quarters. Later in his reign coins were minted in Berwick
Berwick-upon-Tweed
Berwick-upon-Tweed or simply Berwick is a town in the county of Northumberland and is the northernmost town in England, on the east coast at the mouth of the River Tweed. It is situated 2.5 miles south of the Scottish border....
, Roxburgh
Roxburgh
Roxburgh , also known as Rosbroch, is a village, civil parish and now-destroyed royal burgh. It was an important trading burgh in High Medieval to early modern Scotland...
and Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
. By 1250, the country had no less than 16 mints, scattered from Inverness
Inverness
Inverness is a city in the Scottish Highlands. It is the administrative centre for the Highland council area, and is regarded as the capital of the Highlands of Scotland...
to Berwick
Berwick-upon-Tweed
Berwick-upon-Tweed or simply Berwick is a town in the county of Northumberland and is the northernmost town in England, on the east coast at the mouth of the River Tweed. It is situated 2.5 miles south of the Scottish border....
. Later influences for Scottish coinage were the German speaking lands and France, both of which would contribute names such as "dollar" (Thaler
Thaler
The Thaler was a silver coin used throughout Europe for almost four hundred years. Its name lives on in various currencies as the dollar or tolar. Etymologically, "Thaler" is an abbreviation of "Joachimsthaler", a coin type from the city of Joachimsthal in Bohemia, where some of the first such...
), "testoun" (from French
French language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...
tête meaning head
Head
In anatomy, the head of an animal is the rostral part that usually comprises the brain, eyes, ears, nose and mouth . Some very simple animals may not have a head, but many bilaterally symmetric forms do....
, on account of the portrait on it), and "merk" (or "mark").
In 1485, according to IH Stewart, the groat bore "the first real coin portrait to be seen north of the Alps
Alps
The Alps is one of the great mountain range systems of Europe, stretching from Austria and Slovenia in the east through Italy, Switzerland, Liechtenstein and Germany to France in the west....
".
During the 16th century, production of coinage moved entirely to Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...
, although Stirling
Stirling
Stirling is a city and former ancient burgh in Scotland, and is at the heart of the wider Stirling council area. The city is clustered around a large fortress and medieval old-town beside the River Forth...
produced one issue of bawbee
Bawbee
A bawbee was a Scottish halfpenny. The word means, properly, a debased copper coin, valued at six pence Scots , issued from the reign of James V of Scotland to the reign of William II of Scotland. They were hammered until 1677, when they were produced upon screw presses.-Issues:The bawbee was...
s.
Union of the Crowns (from 1603)
With the Union of the CrownsUnion of the Crowns
The Union of the Crowns was the accession of James VI, King of Scots, to the throne of England, and the consequential unification of Scotland and England under one monarch. The Union of Crowns followed the death of James' unmarried and childless first cousin twice removed, Queen Elizabeth I of...
in 1603, Scottish coins became more closely based on English models, rather than Continental ones. At this period, it was still not uncommon for coins to be used in more than one country, partly because of their metal value. During the reign of Charles I
Charles I of England
Charles I was King of England, King of Scotland, and King of Ireland from 27 March 1625 until his execution in 1649. Charles engaged in a struggle for power with the Parliament of England, attempting to obtain royal revenue whilst Parliament sought to curb his Royal prerogative which Charles...
, mechanical minting was introduced.
Following the union, James VI
James I of England
James VI and I was King of Scots as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the English and Scottish crowns on 24 March 1603...
introduced the first gold coins that were similar on both sides of the border, with an exchange rate of 1 pound sterling to 12 pound Scots.
1707–10 recoinage
Following the 1707 unionActs of Union 1707
The Acts of Union were two Parliamentary Acts - the Union with Scotland Act passed in 1706 by the Parliament of England, and the Union with England Act passed in 1707 by the Parliament of Scotland - which put into effect the terms of the Treaty of Union that had been agreed on 22 July 1706,...
between the Kingdom of Scotland and the Kingdom of England
Kingdom of England
The Kingdom of England was, from 927 to 1707, a sovereign state to the northwest of continental Europe. At its height, the Kingdom of England spanned the southern two-thirds of the island of Great Britain and several smaller outlying islands; what today comprises the legal jurisdiction of England...
, the Scottish silver (but not gold nor copper) coinage was replaced with new silver coins, with the aim of creating a common currency
Economic and monetary union
An economic and monetary union is a type of trade bloc which is composed of an economic union with a monetary union. It is to be distinguished from a mere monetary union , which does not involve a common market. This is the fifth stage of economic integration...
for the new Kingdom of Great Britain
Kingdom of Great Britain
The former Kingdom of Great Britain, sometimes described as the 'United Kingdom of Great Britain', That the Two Kingdoms of Scotland and England, shall upon the 1st May next ensuing the date hereof, and forever after, be United into One Kingdom by the Name of GREAT BRITAIN. was a sovereign...
as required by the Treaty of Union
Treaty of Union
The Treaty of Union is the name given to the agreement that led to the creation of the united kingdom of Great Britain, the political union of the Kingdom of England and the Kingdom of Scotland, which took effect on 1 May 1707...
. The exercise was conducted under the guidance of Sir Isaac Newton
Isaac Newton
Sir Isaac Newton PRS was an English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian, who has been "considered by many to be the greatest and most influential scientist who ever lived."...
, who had previously directed the recoinage in England some years earlier in his role as Warden of the Mint
Warden of the Mint
The Warden of the Mint was in principle the highest ranking officer of the Royal Mint of Great Britain, having oversight over its operations and physical plant by virtue of a royal warrant. The office received a yearly emolument of £500. Technically subordinate to the Warden was the Master of the...
(and subsequently as Master of the Mint
Master of the Mint
Master of the Mint was an important office in the governments of Scotland and England, and later Great Britain, between the 16th and 19th centuries. The Master was the highest officer in the Royal Mint. Until 1699, appointment was usually for life. Its holder occasionally sat in the cabinet...
).
Despite fluctuations in the exchange rate since 1603, and a 1697 proclamation setting the ratio at 13:1, a 12:1 ratio was applied to the recoinage, although compensation was paid. The new coinage was made using Troy weight
Troy weight
Troy weight is a system of units of mass customarily used for precious metals, gemstones, and black powder.There are 12 troy ounces per troy pound, rather than the 16 ounces per pound found in the more common avoirdupois system. The troy ounce is 480 grains, compared with the avoirdupois ounce,...
s (12 Troy ounces to the pound), rather than the traditional Scots weights (16 Troy ounces to the pound). Coins were minted in both London and Edinburgh, the latter inscribed with the letter 'E' under the bust of the monarch to permit them to be distinguished. Under the supervision of moneyer
Moneyer
A moneyer is someone who physically creates money. Moneyers have a long tradition, dating back at least to ancient Greece. They became most prominent in the Roman Republic, continuing into the empire.-Roman Republican moneyers:...
s from the Tower Mint in London, a weight of 103,346 pounds in crowns, half-crowns, shillings, and sixpences were minted at the Edinburgh Mint with a value of £320,372 and 12 shillings, equivalent to US$18,588,700 (£10,129,200) at 2008 average silver prices and exchange rates.
As a result of the recoinage, foreign coins, which were frequently used alongside the local currency, stopped being legal tender on 6 October 1707. Pre-Union 40, 20 and 10 shilling coins ceased to be legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
on 10 February 1708, but were temporarily put back into circulation before finally ceasing as legal tender on June 1st, along with coins of ½, 1, 2, and 4 merks, 5 shillings, and the 3 shilling 6 pence coin.
The last batch of new coins, consisting of silver shillings and half-crowns were delivered on 5 October 1709, and were to be the last coins to be minted in Scotland.
Subsequent developments
Article 16 of the Treaty of UnionTreaty of Union
The Treaty of Union is the name given to the agreement that led to the creation of the united kingdom of Great Britain, the political union of the Kingdom of England and the Kingdom of Scotland, which took effect on 1 May 1707...
stipulated that Scotland was to keep its own mint, but this, as with many others, has not been followed.
Although the Edinburgh Mint retained its permanent officials (though not other staff) for a further hundred years, until 1814, minting ceased a mere two years after Union, despite several subsequent proposals to restart production. The mint itself was finally abolished in 1817 and sold in 1830. Abolition caused a low level of protest, mentioned by Sir Walter Scott
Walter Scott
Sir Walter Scott, 1st Baronet was a Scottish historical novelist, playwright, and poet, popular throughout much of the world during his time....
, and continued to be protested against by Nationalist pamphlets into the 1950s and beyond. The title of 'Governor of the Mint of Scotland
Mints of Scotland
There were a number of mints in Scotland, for the production of the Scottish coinage. The most important mint was that in the capital, Edinburgh, which was active from the reign of David I , and was the last to close, in the 19th century....
', which passed to the Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
under the Coinage Act 1870
Coinage Act 1870
The Coinage Act 1870 stated the metric weights of British coins. For example, it defined the weight of the sovereign as 7.98805 grams...
, was finally abolished with the passing of the Coinage Act 1971.
The transition from Scottish coinage to English did not occur overnight. Scottish coinage was still in circulation in the later 18th century, but the changeover was made a little easier due to common currency in the nomenclature. Pound Sterling is still translated as Punnd Sasannach (English pound) in Scottish Gaelic Certain old coin names, such as bawbee, continued in colloquial usage into the 20th century. Others, such as mark and dollar, would be more associated with various foreign currencies by contemporary Scots.
Currently, three Scottish banks produce their own banknotes (Bank of Scotland
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
, Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
and Clydesdale Bank
Clydesdale Bank
Clydesdale Bank is a commercial bank in Scotland, a subsidiary of the National Australia Bank Group. In Scotland, Clydesdale Bank is the third largest clearing bank, although it also retains a branch network in London and the north of England...
), but no coinage. Scotland is the only part of the UK where one pound notes are still in usage (although they can be found in the Isle of Man
Isle of Man
The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...
and Channel Islands
Channel Islands
The Channel Islands are an archipelago of British Crown Dependencies in the English Channel, off the French coast of Normandy. They include two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey...
).
List of Scottish coins
As with Scottish weights and measuresObsolete Scottish units of measurement
Scotland had a distinct system of measures and weights until at least the late 18th century, based on the ell as a unit of length, the stone as a unit of mass and the boll and the firlot as units of dry measure...
, many of the Scottish denominations bore the same names as those in England, but were of slightly different values. The dates, and first kings to issue them are included:
- Pistole – Gold, 12 pounds Scots
- Dollar – Replacement for the ryal, 60 Scots shillings (James VI)
- Ryal – Gold, 1565
- Crown or Lion – Gold (James IJames I of ScotlandJames I, King of Scots , was the son of Robert III and Annabella Drummond. He was probably born in late July 1394 in Dunfermline as youngest of three sons...
) - Half-crown, Demi-Lion or Demys – Gold (James I)
- Ducat or “bonnet” – 40 shillings, 1539 (James VJames V of ScotlandJames V was King of Scots from 9 September 1513 until his death, which followed the Scottish defeat at the Battle of Solway Moss...
) - Mark or merk – Gold (giving rise to the term marklandMarkland (Scots)A markland or merkland is an old Scottish unit of land measurement.There was some local variation in the equivalences, for example, in some places eight ouncelands were equal to one markland, but in others, such as Islay, a markland was twelve ouncelands...
) - Noble – Gold, worth half a mark, 1357 (David IIDavid II of ScotlandDavid II was King of Scots from 7 June 1329 until his death.-Early life:...
, reintroduced by Robert IIIRobert III of ScotlandRobert III was King of Scots from 1390 to his death. His given name was John Stewart, and he was known primarily as the Earl of Carrick before ascending the throne at age 53...
) - UnicornUnicorn (coin)The unicorn was a gold coin that formed part of Scottish coinage between 1484 and 1525. It was initially issued under the reign of James III with a value of 18 shillings Scots, but rising gold prices during the reign of James V caused its value to increase first to 20 shillings, and then 22. The...
- Gold, 18 shillings Scots, 1484/5 (James IIIJames III of ScotlandJames III was King of Scots from 1460 to 1488. James was an unpopular and ineffective monarch owing to an unwillingness to administer justice fairly, a policy of pursuing alliance with the Kingdom of England, and a disastrous relationship with nearly all his extended family.His reputation as the...
) - Half-unicorn - Gold, 9 shillings Scots (James IVJames IV of ScotlandJames IV was King of Scots from 11 June 1488 to his death. He is generally regarded as the most successful of the Stewart monarchs of Scotland, but his reign ended with the disastrous defeat at the Battle of Flodden Field, where he became the last monarch from not only Scotland, but also from all...
) - Testoun – silver, 1553. Was produced in France with the new process of mill and screw, being the first milled coinageMilled coinageIn numismatics, the term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies or casting coins from dies.-History:The earliest machine known for producing coins is the screw press, invented by Leonardo...
of Scotland. - BawbeeBawbeeA bawbee was a Scottish halfpenny. The word means, properly, a debased copper coin, valued at six pence Scots , issued from the reign of James V of Scotland to the reign of William II of Scotland. They were hammered until 1677, when they were produced upon screw presses.-Issues:The bawbee was...
– BillonBillon (alloy)Billon is an alloy of a precious metal with a majority base metal content . It is used chiefly for making coins, medals, and token coins.The word comes from the French bille....
, six pence from 1537 - Shilling
- GroatGroatGroat or Fuppence is the traditional name of an English silver coin worth four English pence, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and one shilling.-Name:...
– Silver, equivalent to four pence, from 1357 (giving rise to the term groatlandGroatlandA groatland, also known as a fourpenceland, fourpennyland or “Còta bàn” was a Scottish land measurement. It was so called, because the annual rent paid on it was a Scottish “groat” .- See also :...
) - Half-groat – Silver, equivalent to two pence, from 1357
- Turner – Billon, two pence (James VI), later copper.
- BodleBodleA bodle or boddle or bodwell, also known as a half groat or Turner was a Scottish copper coin, of less value than a bawbee, worth about one-sixth of an English penny, first issued under Charles II. They were minted until the coronation of Anne...
– Copper, two pence (Charles IICharles II of EnglandCharles II was monarch of the three kingdoms of England, Scotland, and Ireland.Charles II's father, King Charles I, was executed at Whitehall on 30 January 1649, at the climax of the English Civil War...
) - Hardhead – also called Lion, billon coin circulated in the reigns of Mary and James VI
- PennyPenny ScotsPenny was used in Scottish parlance for money generally; for example, a "penny-fee" was an expression for wages, a "penny-maister" would be a town treasurer, and a "penny-wedding" was one where every guest contributed to pay for the thing...
– Billon, one of the earliest coins, dating from David I. Later made of copper; giving rise to the term pennylandPennylandA pennyland is an old Scottish land measurement. It was found in the West Highlands, and also Galloway, and believed to be of Norse origin. It is frequently found in minor placenames.Skene in Celtic Scotland says:The Rev...
. - Halfpennies – Initially literally half of a penny, these became minted coins in their own right in c.1280. Later made of copper.
- Farthing or quarter-penny – These were originally quarters of pennies, but as with Halfpennies, became coins in their own right in c.1280. Later made of copper.
- Plack
Scottish monarchs who issued coins
- David IDavid I of ScotlandDavid I or Dabíd mac Maíl Choluim was a 12th-century ruler who was Prince of the Cumbrians and later King of the Scots...
(1124–53) - Malcolm IVMalcolm IV of ScotlandMalcolm IV , nicknamed Virgo, "the Maiden" , King of Scots, was the eldest son of Earl Henry and Ada de Warenne...
(1153–65) - William the Lion (1165–14)
- Alexander IIAlexander II of ScotlandAlexander II was King of Scots from1214 to his death.-Early life:...
(1214–49) - Alexander IIIAlexander III of ScotlandAlexander III was King of Scots from 1249 to his death.-Life:...
(1249–86) - John Balliol (1292–96)
- Robert the Bruce (1306–29)
- David IIDavid II of ScotlandDavid II was King of Scots from 7 June 1329 until his death.-Early life:...
(1329–71) - Robert IIRobert II of ScotlandRobert II became King of Scots in 1371 as the first monarch of the House of Stewart. He was the son of Walter Stewart, hereditary High Steward of Scotland and of Marjorie Bruce, daughter of Robert I and of his first wife Isabella of Mar...
(1371–90) - Robert IIIRobert III of ScotlandRobert III was King of Scots from 1390 to his death. His given name was John Stewart, and he was known primarily as the Earl of Carrick before ascending the throne at age 53...
(1390–1406) - James IJames I of ScotlandJames I, King of Scots , was the son of Robert III and Annabella Drummond. He was probably born in late July 1394 in Dunfermline as youngest of three sons...
(1406–37) - James IIJames II of ScotlandJames II reigned as King of Scots from 1437 to his death.He was the son of James I, King of Scots, and Joan Beaufort...
(1437–60) - James IIIJames III of ScotlandJames III was King of Scots from 1460 to 1488. James was an unpopular and ineffective monarch owing to an unwillingness to administer justice fairly, a policy of pursuing alliance with the Kingdom of England, and a disastrous relationship with nearly all his extended family.His reputation as the...
(1460–88) - James IVJames IV of ScotlandJames IV was King of Scots from 11 June 1488 to his death. He is generally regarded as the most successful of the Stewart monarchs of Scotland, but his reign ended with the disastrous defeat at the Battle of Flodden Field, where he became the last monarch from not only Scotland, but also from all...
(1488–1513) - James VJames V of ScotlandJames V was King of Scots from 9 September 1513 until his death, which followed the Scottish defeat at the Battle of Solway Moss...
(1513–42) - Mary, Queen of Scots (1542–67)
- James VIJames I of EnglandJames VI and I was King of Scots as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the English and Scottish crowns on 24 March 1603...
(1567–1625) - Charles ICharles I of EnglandCharles I was King of England, King of Scotland, and King of Ireland from 27 March 1625 until his execution in 1649. Charles engaged in a struggle for power with the Parliament of England, attempting to obtain royal revenue whilst Parliament sought to curb his Royal prerogative which Charles...
(1625–49) - Charles IICharles II of EnglandCharles II was monarch of the three kingdoms of England, Scotland, and Ireland.Charles II's father, King Charles I, was executed at Whitehall on 30 January 1649, at the climax of the English Civil War...
(1660–85) - James VIIJames II of EnglandJames II & VII was King of England and King of Ireland as James II and King of Scotland as James VII, from 6 February 1685. He was the last Catholic monarch to reign over the Kingdoms of England, Scotland, and Ireland...
(1685–88) - William and MaryWilliam and MaryThe phrase William and Mary usually refers to the coregency over the Kingdoms of England, Scotland and Ireland, of King William III & II and Queen Mary II...
(1689–94) - William IIWilliam III of EnglandWilliam III & II was a sovereign Prince of Orange of the House of Orange-Nassau by birth. From 1672 he governed as Stadtholder William III of Orange over Holland, Zeeland, Utrecht, Guelders, and Overijssel of the Dutch Republic. From 1689 he reigned as William III over England and Ireland...
(1694–1701) - Anne (1701–14, no coins minted after Union)
See also
- Pound ScotsPound ScotsThe pound Scots was the national unit of currency in the Kingdom of Scotland before the country entered into political and currency union with the Kingdom of England in 1707 . It was introduced by David I, in the 12th century, on the model of English and French money, divided into 20 shillings...
- Modern Scottish banknotes
External links
- Scottish coins until 1707
- Scottish Coins 1136–1707
- Digital Library Numis Online books and articles on Scottish coinage