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Money, like hat-wearing, depends on convention, not laws

The Scottish pound already exists. Royal Bank of Scotland, Bank of Scotland and Clydesdale Bank issue their own notes. These notes circulate widely in Scotland, alongside those of the Bank of England (those signed by the former Sir Fred Goodwin are especially prized). These Scottish bank notes are not legal tender in Scotland or anywhere else. The BoE notes are not legal tender in Scotland either.

The only legal tender for the settlement of a debt in Scotland is coins from the Royal Mint. But if you try to buy a house in Scotland with pound coins, your offer will not be well received. Legal tender is a concept with no practical relevance. The currency that is accepted is the currency people are willing to accept.

The issue of legal tender in Scotland was clarified when a Scotsman, presumably trying to make a point, attempted to pay a local authority in Scottish banknotes. The local authority, presumably also trying to make a point, rejected his offer. The court told them all not to be silly. A debt can be settled by an offer any reasonable person would accept. This is the practice, and probably the law, everywhere, including Scotland.

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約翰•凱

約翰•凱(John Kay)從1995年開始爲英國《金融時報》撰寫經濟和商業的專欄。他曾經任教於倫敦商學院和牛津大學。目前他在倫敦經濟學院擔任訪問學者。他有著非常輝煌的從商經歷,曾經創辦和壯大了一家諮詢公司,然後將其轉售。約翰•凱著述甚豐,其中包括《企業成功的基礎》(Foundations of Corporate Success, 1993)、《市場的真相》(The Truth about Markets, 2003)和近期的《金融投資指南》(The Long and the Short of It: finance and investment for normally intelligent people who are not in the industry)。

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