Scotland Can’t Keep the Pound

The Brits — or I suppose, the English — have told the Scots that if they want to be independent, then they can’t keep the pound as their currency. The Scots are voting later this year on independence, and the currency issue is a big deal.

The nationalists have been saying, if you like your currency, then you can keep it. Apparently not.

The two countries had separate coinage up until the Act of Union merged them into the U.K. Interestingly, the person who oversaw the coinage union was none other than Sir Isaac Newton:

Following the 1707 union between the Kingdom of Scotland and the Kingdom of England, the Scottish silver (but not gold nor copper) coinage was replaced with new silver coins, with the aim of creating a common currency for the new Kingdom of Great Britain as required by the Treaty of Union.[8] The exercise was conducted under the guidance of Sir Isaac Newton, who had previously directed the recoinage in England some years earlier in his role as Warden of the Mint (and subsequently as Master of the Mint).

Posted by on February 13th, 2014 at 11:13 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.