Illegal tender
Sir: HM Treasury is correct in its assertion that, 'Legal tender is a specialised legal concept with little practical significance for the acceptability of a currency.' Tim Cong- don may not be aware (Letters, 2 March) that in Scotland banknotes of denomina- tions from £1 to £100, issued by the Scottish banks and not legal tender, circu- late more widely than do Bank of England notes and are, indeed, often preferred to them. Meanwhile, Bank of England notes, legal tender in England and Wales, are not legal tender in Scotland, although they are accepted here without question. Scotland, therefore, despite being one of the world's leading financial centres, has no legal tender other than coin.
Robin J. Angus
Director, County NatWest, 74 Queen Street, Edinburgh
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