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 hoards 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 maintain 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[disambiguation needed] 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.
|O: +ALDFRIDVS around central annulet.||R: Left-facing quadruped.|
|Silver sceat of Aldfrith of Northumbria, 685–704.|
As the Roman Empire retreated from 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 with continental Europe. Norsemen 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 had strong links with Scotland in the early Middle Ages.
|David II (1329–71): penny|
|+DAVID DEI GRACIA, crowned head left; scepter before||[REX] SCT TOR Vm+, long cross; mullets in quarters.|
|18mm; 1.31 g; circa 1351–57.|
The first king of Scots to produce his own coinage was David I (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".
With the Union of the Crowns 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 1707 union 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 weights (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 moneyers 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 1, 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.
Article 16 of the Treaty of Union stipulated that Scotland was to keep its own mint, but this, as with many others, has not been followed.
"That, from and after the Union, the coin shall be of the same standard and value throughout the United Kingdom as now in England, and a Mint shell be continued in Scotland under the same rules as the Mint in England ; and the present officers of the Mint continued subject to such regulations and alterations as Her Majestie, her heirs or successors, or the Parliament of Great Britain shall think fit."
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).
|Mary (1542–67), Francis (1558–60): testoon|
|FR•AN • ET • MA • D • G • R • R • SCOTORVM • D • D • VIE[N], crowned arms of Francis and Mary over cross potent||• FECIT • VTRAQVE • VNVM • 1558 •, crowned FM; Lorraine cross to either side.|
As with Scottish weights and measures, 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:
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