Silver coins were issued denominated in merk, worth 13s.4d. Scots (two-thirds of a pound Scots). When James VI became King James I of England in 1603, the coinage was reformed to closely match sterling coin, with £12 Scots equal to £1 sterling.[1] No gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707.[2]
With the Acts of Union 1707, the pound Scots was replaced by sterling coin at the rate of 12:1 (£1 Scots = twenty pence sterling), although the pound Scots continued to be used in Scotland as a unit of account for most of the 18th century.
Today there is no distinct Scots currency; but Scotland's three largest clearing banks (the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank) issue banknotes denominated in sterling. These notes may be accepted as payment throughout the United Kingdom, but are much more commonly seen in Scotland; their value is backed by non-circulating large denomination notes issued by the Bank of England (the "giants" and "titans").
Hardhead – also called Lion, billon coin circulated in the reigns of Mary and James VI
Penny – Billon, one of the earliest coins, dating from David I. Later made of copper, giving rise to the term pennyland.
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 – value of four pence Scots or by 1707 one-third of a penny sterling.
^ abcHoblyn, Richard (1879). "Milled Scottish Coins : 1637—1709". The Numismatic Chronicle and Journal of the Numismatic Society. 19. Royal Numismatic Society (subscription required): 113–114. JSTOR42679414.
