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- 1. But in Scotland three banks are still allowed to issue banknotes.
- 2. When this bank was founded in 1695, Scots coinage was in short supply and of uncertain value, compared with English, Dutch, Flemish or French coin.
- 3. To face growth of trade it was deemed necessary to remedy this lack of an adequate currency.
- 4. In most countries it is only the government, through their central banks, who are permitted to issue currency.
- 5. The first Scottish bank to do this was the Bank of Scotland.