What is the purpose of having Scotish, English, Guernsey, Jersey, Isle of Man pounds

Question

What is the purpose of having a Scotish, English, Guernsey, Jersey, Isle of Man pounds instead of a unified United Kingdom of Great Britain and Northern Ireland and Crown Dependencies Pound or one set of notes that list all of the countries.

I already know most can be used in the other country but whats point of having a different set of notes printed for each country and not just single set

Answer 1

The answer is in the history of the banking system, and national identities.

They are all the same currency, Sterling. All notes are legal currency in each of the countries. However only Bank of England issued notes are legal TENDER in England.

Scottish notes are not legal tender in England, but they are legal currency. Legal tender is an archaic law that means noone can be forced to accept it as payment.  

Answer 2

Each place has its own history and national identity.

Scotland and England are part of Britain, so it makes sense that they'd share the GBP. Scotland is still its own country though, so it keeps its identity by printing its own money (English money is printed by the Bank of England).

The Isle of Mann, Guersney and Jersey are not part of the UK nor Britain. They are independent areas, but still ruled by the British government (go figure). They have separate laws and conventions, including different tax rates (their rates are far lower than the UK- that's why people move there!)

Mainly, it's about pride- there's no reason NOT to have different versions, and it maintains the individuality.

Answer 3

Scottish Banks have by Act of Parliament the right to print notes which is regarded as an important part of the banking system . There are far fewer different banks than were around some years back Gone are the Union , North of Scotland , Linen Bank and Commercial Bank to name but a few . Generally notes are interchangeable and Northern Ireland notes in particular turn up in Scotland particularly at the tourist season . Interestingly the Bank of England was founded by a Scotsman !

All part of our great diversity !