Explanatory Notes

Scotland Act 1998

1998 CHAPTER 46

19th November 1998

Schedules

Schedule 5.

Part II: Preliminary paragraphs

Head A: Financial and Economic Matters

Section A2: The Currency
Purpose and Effect

This Section reserves matters relating to the currency.

General

In addition to the general macroeconomic reservation in Section A1, which reserves the issue and circulation of money, this Section explicitly reserves coinage, legal tender and bank notes.

Parliamentary Consideration
StageDateColumn
CC30-Mar-98954
LC23-Jul-981056
Details of Provisions
Reservation

The matters reserved are coinage, legal tender and bank notes.  This includes the denominations of money in the currency and the coins or notes which constitute legal tender and what coins and bank notes may be issued.