Dec 21st, 2019 : Sounds Legit

[xoxoxoBruce]

Scottish money is different. Printed by three private banks and used not only in Scotland but all over the
UK even though it’s not legal tender. What?

Three Scottish banks are authorized to print bank notes in Scotland, yet none of them are central banks. This power to print banknotes was vested upon the private banks by the Bank Notes (Scotland) Act 1845, under the condition that the issuing banks deposit an equivalent sum in pound sterling or gold with the Bank of England. This backing by the Bank of England is intended to maintain public confidence in the value the notes represent. The idea is that if one of the Scottish banks close, and all banknotes issued by the bank become worthless, the notes from the defunct bank could be replaced with regular Bank of England issued cash.
The same applies to Northern Ireland banknotes. Four commercial banks in Northern Ireland are allowed to print banknotes, but they have to deposit the equivalent in pound sterling with the Bank of England.

Ok that’s better, the Bank of England is holding the real money to back the play money.

The legislation stands on solid ground, but for one logistical caveat—how does a bank store billions of banknotes, one for every Scottish and Irish banknote in circulation, without overflowing its limited vault space? The solution is simple—print a limited amount of very high denomination banknotes to consolidate the sum into as few cash as possible.

OK, the BoE collected Billions of Pounds Sterling and didn’t have room for it so just printed a receipt for it...
...which they keep, but they don’t have the money anymore.
Probably should ask Cynthia Payne, Vivien Ella Walden, and Guinness, if they’ve seen any of it.

In 1908, the Bank of England printed its first one million pound banknote, nicknamed the Giant. This was followed by the first Titan—a hundred million pound banknote. They are printed on different material to normal notes, and in larger paper sizes. The Titans are printed on A4-sized paper and Giants on the smaller A5. The Bank of England prints them internally, and then locks them away carefully. They are not for circulation. According to the BBC, over the past hundred years, the Bank of England has printed more than four thousand Giants and Titans with a total value of eight billion pounds.

No wonder they resisted converting to the Euro, what a nightmare that would have been.


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