The pound in your sporran

I was talking on the phone yesterday to a local history librarian and learned something I had no idea of.

Apparently, old Scottish currency was not on a par with English sterling.  The Bank of Scotland was set up in 1695, primarily to help develop Scotland’s trade, mainly with England and the Low Countries. It began business in February 1696 with a working capital of £120,000 Scots (£10,000 Sterling). And after the Union in 1707, no more Scottish coinage was issued. Today, the Bank of Scotland, that august institution, is a casualty of the economic meltdown.

The old coinage included groats, bonnets and bawbees.  A reference to the latter, worth 6 old Scottish pennies, survives in the song

Ally Bally,  Ally Bally Bee,

Sittin’ oan yer Mammy’s knee,

Greetin’ fir a wee bawbee

Tae buy some couter’s candy

Footnote This post first appeared in curlsdiva.com on April 15, 2009, before folkarethething.com existed. I’m transferring all genealogically related posts from that blog to this.

Photo by the_junes