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Money, like hat-wearing, depends on convention, not laws

The Scottish pound already exists. Royal Bank of Scotland, Bank of Scotland and Clydesdale Bank issue their own notes. These notes circulate widely in Scotland, alongside those of the Bank of England (those signed by the former Sir Fred Goodwin are especially prized). These Scottish bank notes are not legal tender in Scotland or anywhere else. The BoE notes are not legal tender in Scotland either.

The only legal tender for the settlement of a debt in Scotland is coins from the Royal Mint. But if you try to buy a house in Scotland with pound coins, your offer will not be well received. Legal tender is a concept with no practical relevance. The currency that is accepted is the currency people are willing to accept.

The issue of legal tender in Scotland was clarified when a Scotsman, presumably trying to make a point, attempted to pay a local authority in Scottish banknotes. The local authority, presumably also trying to make a point, rejected his offer. The court told them all not to be silly. A debt can be settled by an offer any reasonable person would accept. This is the practice, and probably the law, everywhere, including Scotland.

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约翰•凯

约翰•凯(John Kay)从1995年开始为英国《金融时报》撰写manbetx20客户端下载 和商业的专栏。他曾经任教于伦敦商学院和牛津大学。目前他在伦敦manbetx20客户端下载 学院担任访问学者。他有着非常辉煌的从商经历,曾经创办和壮大了一家咨询公司,然后将其转售。约翰•凯著述甚丰,其中包括《企业成功的基础》(Foundations of Corporate Success, 1993)、《市场的真相》(The Truth about Markets, 2003)和近期的《金融投资指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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