Catalog
12 Pounds Scots
| Issuer | Bank of Scotland |
|---|---|
| Year | 1723 |
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| Reference(s) | P#9 |
| Obverse description | Handwritten note on aged laid paper with a decorative engraved border on the left margin. The text, in period calligraphic script, reads the promissory obligation of the Governour and Company of the Bank of Scotland, constituted by Act of Parliament, to pay the bearer Twelve Pounds Scots on Demand, dated Edinburgh, June 24, 1723. The note bears manuscript signatures by order of the Court of Directors, with a bold countersignature in the lower portion. |
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| Obverse lettering | Nº 44185 Edinburgh June 24. 1723. The Governour & Company of y Bank of Scotland constituted by Act of Parliament do hereby oblige themselves to pay to [payee name] or the Bearer Twelve pounds Scots on Demand By order of y Court of Directors |
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| Comments |
Twelve pounds Scots is a denomination that requires immediate translation for any modern reader: by 1723, the pound Scots had been fixed at one-twelfth of pound Sterling since the 1707 Act of Union, making this note worth exactly one pound Sterling. Bank of Scotland was issuing paper money from its founding in 1695, making it among the earliest continuously operating note-issuing banks in the world, and the 1723 series reflects a period when the bank was actively rebuilding after the Darien scheme's catastrophic collapse had nearly destroyed its balance sheet.
Hand-laid paper at this date almost certainly came from Scottish paper mills, though watermark analysis remains the only reliable way to confirm provenance on individual examples.