Pound Scots

Pound Scots

The Pound Scots was the official currency of the Kingdom of Scotland from the 12th century until the Act of Union in 1707, when it was replaced by the Pound Sterling. It played a significant role in the economic history of Scotland and had a complex evolution over the centuries.

History

The origins of the Pound Scots can be traced back to the reign of David I of Scotland in the 12th century. At that time, the currency was known as the pennies and was made of silver. Over time, the pennies were replaced by groats, which were larger silver coins. The groats were then succeeded by the placks, which were smaller silver coins.

In the 16th century, during the reign of James IV, the Pound Scots was introduced as a unit of account. It was equivalent to 20 shillings or 240 pennies. However, the Pound Scots did not exist as a physical coin until the 17th century. Instead, various denominations of silver coins were used, such as the merk, noble, and crown.

During the 17th century, the Pound Scots faced significant challenges due to economic instability and political changes. The currency was devalued multiple times, leading to a loss of confidence in its value. This resulted in the circulation of foreign currencies, such as the Dutch guilder and the English Pound Sterling, alongside the Pound Scots.

Conversion to Pound Sterling

The Act of Union in 1707 merged the Kingdom of Scotland with the Kingdom of England, forming the Kingdom of Great Britain. As part of the union, the Pound Sterling became the official currency of the new kingdom, replacing the Pound Scots. The conversion rate was set at 12 Pound Scots to 1 Pound Sterling.

The transition from the Pound Scots to the Pound Sterling was not without challenges. Many Scots were reluctant to give up their traditional currency, and there were concerns about the impact on the Scottish economy. However, the adoption of the Pound Sterling ultimately brought stability and facilitated trade between Scotland and England.

Legacy

Although the Pound Scots is no longer in circulation, its legacy can still be seen in Scottish culture and history. The currency has been featured in literature, art, and numismatics. It serves as a reminder of Scotland's economic and political past, as well as its unique identity within the United Kingdom.

See Also

• Scottish coinage
• Economy of Scotland
• Act of Union 1707