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Old 29-03-2014, 15:25   #990
Mr Angry
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Re: Will Scotland Leave the UK?

Quote:
Originally Posted by nomadking View Post
A currency called the pound is used, just as many countries use a currency called "dollar". It just so happens the pounds are also interchangeable, but there is no formal arrangement for that. The Jersey AND current Scottish currency is NOT "legal tender". It does not have to be accepted.
Currency printed in Scotland and Northern Ireland is simply a replacement for English pounds "bought" from the Bank of England. It is not additional currency. They are "buying" the right to print currency that would be printed anyway by the Bank of England.
Whatever way you slice it contrary to your assertion Jersey is in a formal currency union with the UK.

Legal tender is largely an irrelevance in the modern age with so many (non cash) means of payment.
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