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Is 1 lb Royal Bank of Scotland bank note really worth a lb of silver?
Wiki User
∙ 11y ago
No - UK currency is valued against gold. For example - the pledge on UK £5.00 banknotes reads 'I promise to pay the bearer on demand the sum of five pounds'. The 'pound' in the pledge is not a unit of weight but the monetary value of the note in gold. It simply means that you (theoretically) could take a £5.00 note into the Bank of England in London - and exchange it for an equivalent quantity of gold at the prevailing rate.
Wiki User
∙ 11y ago
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