The Courier & Advertiser (Angus and Dundee)
Ever wondered what happened to the £1 note?
After the round pound coin was recently removed from circulation, it may surprise some to know one pound notes are still legal tender
Once commonplace in wallets, purses and tills across the UK, sightings of the £1 note are extremely rare in today’s society.
As banking and payments become increasingly digital-based, the denomination is increasingly being viewed with nostalgia as a quaint aspect of bygone Britain.
Many cashiers may even refuse to accept the £1 note, which is perfectly valid legal currency across the UK, assuming it to be worthless.
Royal Bank of Scotland issuance manager Jennifer Jack is an expert in UK currency and said the note, though no longer as popular as its metal golden counterpart, still has a place in the modern world.
The Scottish financial giant is the only bank issuing the note and has “no plans” to stop doing so any time soon.
Edinburgh-based Mrs Jack said the trend away from £1 notes reflects that of many lower denominations – demand for which is “starting to drop away” as “value falls and inflation rises”.
“Absolutely yes we still issue the £1 notes, they are still legal currency. We have 17.7 million in circulation today,” she said.
“It fluctuates but not significantly. We have been issuing them more or less since the beginning and we have no plans to stop issuing them.
“While there is a demand it probably gives rise to a larger question about what is happening with cash trends across the UK. We have seen a big shift towards people using credit card and debit card payments.
“We are in a very, very interesting time for the general payment industry.
“We are seeing cash as a payment method starting to decline as people use Apple Pay and contactless. The £1 note may suffer as part of that. “
She added: “We don’t have a huge demand for ‘ones’ any more. What we are starting to find is demand for something like a £1 note, but generally more denominations notes, is starting to drop away as value falls and inflation rises.
“Self-service machines aren’t programmed to accept £1 notes. The reason for that is generally these machines have a fixed amount of memory and space.”
“A low denomination like a £1 can be quite heavily used. Notes don’t really stand that kind of use to the same duration as a coin
“What we have seen is an economic policy where the coin has become the preferred method of having that denomination, probably because it is more hard-wearing.”
So what does the future hold for the £1 note? Are its days numbered?
“I think people want to use £1 notes and will continue to use £1 notes,” she said.
“Compared to the new £5 notes it probably looks quite big in comparison but I really love it. It has Edinburgh Castle on the back, they have Robert Louis Stevenson and Alexander Graham Bell on them, all really Scottish things. I do feel nostalgic towards it.”
One pound notes are available from any RBS branch.