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Merk of Charles II, 1671. The merk (Scottish Gaelic: marg) is a long-obsolete Scottish silver coin.Originally the same word as a money mark of silver, the merk was in circulation at the end of the 16th century and in the 17th century.
The mark used in the market of Cologne (Cologne mark: 233.856 g, 8.2490 oz) was used to define the value of the official gold and silver currencies of the Holy Roman Empire including the Reichsthaler silver coin. In 1566, a Reichsthaler was introduced of which 9 were to be minted from a Cologne mark of fine silver.
It was based on this, rather than its actual area. Originally a Scots mark or merk was 13s 4d (160 pence), but the Scottish coinage depreciated against the English, and by the 18th century a Scots merk was worth only 13 1 / 3 d sterling – one-twelfth of its original value.
Others, such as mark and dollar, would be more associated with various foreign currencies by contemporary Scots. Some British coins later had explicitly Scottish reverses: for example the shilling appeared with either English or Scottish royal arms as reverses from 1937 to 1970, while its replacement the 5p coin had a crowned thistle from 1971 ...
Issued by Scottish and Northern-Irish banks only. £1,000,000 note: £1,000,000: non-circulating Also known as a "Giant". Used as backing for banknotes issued by Scottish and Northern Irish banks when exceeding the value of their 1845 reserves. The amount to be covered is over a billion pounds. [12]
The Scottish currency was later devalued relative to sterling by debasement of its coinage. [citation needed] By the time of James III, one pound Scots was valued at five shillings sterling. [citation needed] Silver coins were issued denominated in merk, worth 13s.4d. Scots (two-thirds of a pound Scots).
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However, the Bank of England does produce higher-value notes that are used to maintain parity with Scottish and Northern Irish notes. Banknotes issued by Scottish and Northern Irish banks have to be backed pound for pound by Bank of England notes (other than a small amount representing the currency in circulation in 1845), and special £1 ...