Frequently Asked Questions
How old is the Royal Bank?
The Royal Bank of Scotland itself was established by royal charter on 31 May 1727. Some of our constituent businesses are even older, dating back as far as the 1580s. You can learn more about them at RBS heritage online.
Is it true that Scottish banknotes are not legal tender?
Yes, it is - but Bank of England notes aren’t legal tender in Scotland either. Officially, the phrase 'legal tender' means money that a person is obliged to accept if offered it in payment of a debt. Under Scottish law, that does not include banknotes, which are classified as 'legal currency' but not 'legal tender'.
The only historical exception was during the two world wars, when as a temporary measure the government made banknotes legal tender in Scotland, as a way of reinforcing people’s trust in them. This was important in a time of shortages, when the government needed to be sure that people would not hoard gold.
How 'royal' is The Royal Bank of Scotland?
The Royal Bank of Scotland was established by royal charter in 1727. The 'Royal' in its name was not just a way of distinguishing the Bank from its rival, Bank of Scotland; it also indicated that the new Bank had very influential supporters, including the King himself. King George was glad to support the new venture because his right to the British throne was disputed, and he suspected that Bank of Scotland, the only bank in Scotland before our foundation, supported his opponents, the Jacobites.
Royal connections remain important to RBS today. Her Majesty Queen Elizabeth II performed the official opening of our Gogarburn head office campus in Edinburgh in 2005. Both she and her mother, Queen Elizabeth the Queen Mother, have been honoured on special commemorative banknotes issued by The Royal Bank of Scotland.
Which is the oldest bank in The Royal Bank of Scotland Group?
Child & Co is not only our oldest constituent; it's also Britain's oldest surviving bank. It evolved from the London goldsmiths' shops of William Wheeler and Robert Blanchard, which were combined when Blanchard married Wheeler's widow in around 1661. It can trace its origins to the apprenticeship of William Wheeler's father as a goldsmith in 1584. Blanchard developed the business to include banking activities by accepting money deposits in trust. In the 1660s he took on a new apprentice, Francis Child, after whom the business was later to be named. Child & Co is still trading from its seventeenth century site on Fleet Street, London.
When did RBS introduce its brand mark, and what does it mean?
The daisy wheel brand mark was introduced in 1969, at a time when Scottish banking was going through a complicated series of mergers. To help customers recognise and distinguish between rival banks, modern-style branding became more important.
The design was based on arrow symbols, representing in abstract form the accumulation and concentration of wealth in our customers' interests. The squareness of the shape was intended to demonstrate stability, while blue was chosen because of its connections with the Scottish flag, and because blue was said to represent reliability and consistency.
How does the Royal Bank know about its history?
The Royal Bank of Scotland Group keeps an extensive archive of historical records relating to over 200 of the banks which have come together to form today’s RBS. As well as operational records, these include some customer account records, photographs, architectural plans, banknotes and artefacts.
The records chart the story of our business, our staff and our customers for over three centuries. They support the Bank in its day-to-day business, but are also used to create educational resources for schools and to aid research by historians interested in social, political, economic, local, architectural and art history. You can find out more about our archives and how they are used by visiting RBS heritage online.
I have an old Royal Bank note. How much is it worth?
The Scottish banks have always undertaken to accept any of their old banknotes, even after designs have left circulation. So if you took it into one of our branches, it would be worth its face value.
Many notes are, of course, worth much more than their face value, because they have become collectors' items over the years. To the Bank, though, their historical value is more important than their financial value, so we are not able to advise on what they would be worth if sold.
How can I buy a commemorative note?
For a limited period after issue, commemorative notes are available through our branches in Scotland. After that, contact our Scottish Note Team in Edinburgh to check availability of commemorative banknotes.
How can I find out more about Scottish banknotes?
More information about Scottish notes, past and present, is available from the Committee of Scottish Clearing Bankers website.
