Take note – there is demand for the paper £1

The current £1 note was first issued in 1987 and bears an image of Lord Ilay – one of the founders of the Royal Bank of Scotland.

There is no reason why a £1 note should not be accepted in the UK.

The denomination has also found a place in Greek, African and Indian wedding customs which plays a part in the bank’s demand for the denomination.

At these ceremonies they can be pinned to the clothes of the betrothed couple or thrown at the bride as she dances.

RBS’s Jennifer Jack said: “People are using it less often but in places where people use cash heavily anyway -– places like the corner shop, bars and pubs (where there are regular) cash handovers – they are still very much in use.

“They absolutely can be accepted anywhere across the UK. We find a lot of notes go outside the country. There are customs in Greek and Indian cultures where they pin bank notes to a wedding dress. One pound notes are really popular for that.”

Another factor is the issue of preference. In the US people favour the $1 note above an equivalent coin; while in the UK the opposite is true.

Mrs Jack said: “People tend to prefer one or the other. The US had a real problem accepting the coin.

“They tried to shift to a $1 coin for a long, long time.”

People in the US prefer the $1 note.