Catalog
20 Shillings Royal Bank of Scotland
| Issuer | Royal Bank of Scotland |
|---|---|
| Year | 1727 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | No. 75 Ed. 8th December 1727. The Royal Bank of Scotland is hereby obliged to pay to _ or the Bearer on demand Twenty Shillings, Sterling. By order of the Court of Directors |
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| Signature(s) | Tho Thompson and Alan Whitefoord |
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| Comments |
The Royal Bank of Scotland was incorporated by royal charter in May 1727, and this note dates to that founding year — making it among the earliest issues the bank ever produced. The RBS was established in part as a Unionist counterweight to the Bank of Scotland, which had Jacobite associations that made London uneasy. Politics, not commerce, drove its creation.
Scottish banknotes of this period were promises payable on demand in coin, but the RBS introduced the overdraft facility in 1728, a financial innovation with consequences far beyond Scotland. The 125 × 125 mm square format is unusual and immediately distinguishes early RBS issues from contemporaries.