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1 Pound Sterling 1978, Kingdom of Great Britain

in Banknotes Book Number: SC815
Years of issue: 02.05.1978
Edition:
Signatures: Managing director: Mr. J. B. Burke
Serie: Scotland
Specimen of: 05.01.1972
Material: Cotton fiber
Size (mm): 135 x 67
Printer: Bradbury, Wilkinson & Company Limited, New Malden

* All pictures marked magnify are increased partially by magnifying glass, the remaining open in full size by clicking on the image.

** The word "Specimen" is present only on some of electronic pictures, in accordance with banknote images publication rules of appropriate banks.

1 Pound Sterling 1978

Description

Watermark:

Smith medallion watermark

The engraving on banknote is made after this "paste medallion" portrait of Adam Smith created by Scottish gem engraver and modeller James Tassie in 1787. It is entitled "Adam Smith in his 64th year, 1787. Tassie F.". White enamel on a background of tinted glass. Date of the photograph is unknown.

Adam Smith (16 June 1723 NS (5 June 1723 OS) - 17 July 1790) was a Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure.

Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today.

Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day.

Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirized by Tory writers in the moralizing tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time. It is said former UK Prime Minister Margaret Thatcher carried a copy of the book in her handbag.

Avers:

1 Pound Sterling 1978

The Emblem of the bank The Royal Bank of Scotland is on right side.

Surprisingly for an institution founded in 1727, the Royal Bank of Scotland did not acquire its own coat of arms until 1960. The arms granted by Lord Lyon were quickly displayed throughout the bank on stationery, uniforms, and currency, as well as the many branches and offices of the RBS. Less than a decade later, however, research showed that consumers had a difficult time differentiating the Royal Bank’s coat of arms from those of the Bank of Scotland, the Clydesdale Bank, and other banks on the High Streets of Scottish towns.

Now one of the most well-known financial brands in the world, the Royal Bank of Scotland was founded in Edinburgh in 1727, thirty-two years after its rival, the Bank of Scotland. (The Bank of Scotland, as it happens, was founded by an Englishman, John Holland - just as the Bank of England was founded by a Scot, Sir William Paterson).

The Scottish Parliament had declared in 1689 that King James VII had, by his absence, forfeited the throne, and handed the Crown to his Dutch rival William of Orange, who had already seized the throne in England. The House of Hanover succeeded to the throne of the new United Kingdom which had been created in 1707, but the Bank of Scotland was suspected of harbouring Jacobite sympathies. The London government was keen to help out Scottish merchants loyal to the Hanoverians and so, in 1727, King George granted a royal charter to the new Royal Bank of Scotland.

Denominations in numerals are in three corners, in words - centered.

Revers:

1 Pound Sterling 1978

On banknote is clearly visible the Edinburgh castle on the rock.

Edinburgh

Edinburgh Castle is a historic fortress which dominates the skyline of the city of Edinburgh, Scotland from its position on the Castle Rock. Archaeologists have established human occupation of the rock since at least the Iron Age (II century AD), although the nature of the early settlement is unclear. There has been a royal castle on the rock since at least the reign of David I in the XII century, and the site continued to be a royal residence until the Union of the Crowns in 1603. From the XV century the castle's residential role declined, and by the XVII century it was principally used as military barracks with a large garrison. Its importance as a part of Scotland's national heritage was recognized increasingly from the early XIX century onwards, and various restoration programs have been carried out over the past century and a half. As one of the most important strongholds in the Kingdom of Scotland, Edinburgh Castle was involved in many historical conflicts from the Wars of Scottish Independence in the XIV century to the Jacobite Rising of 1745. It has been besieged, both successfully and unsuccessfully, on several occasions.

Few of the present buildings pre-date the Lang Siege of the XVI century, when the medieval defenses were largely destroyed by artillery bombardment. The most notable exceptions are St Margaret's Chapel from the early XII century, which is regarded as the oldest building in Edinburgh, the Royal Palace and the early-XVI-century Great Hall, although the interiors have been much altered from the mid-Victorian period onwards. The castle also houses the Scottish regalia, known as the Honours of Scotland and is the site of the Scottish National War Memorial and the National War Museum of Scotland. The British Army is still responsible for some parts of the castle, although its presence is now largely ceremonial and administrative. Some of the castle buildings house regimental museums which contribute to its presentation as a tourist attraction.

Denominations in numerals are in lower left and top right corners.

Comments:

Although, Scotland is not an independent state, and is part of the UK. Three Scottish banks have the right to issue their own banknotes. Officially, these notes are not called "Scottish pounds" and their denomination designated in pound sterling. In the strict sense of the term "Legal Tender" banknotes of Scottish banks are not even legal tender in Scotland, but can be taken throughout the United Kingdom.