Scotland, a country part of the United Kingdom, covers the northern third of the island of Great Britain and its Mainland has a 96-mile border. The currency of Scotland is the British pound (GBP) or the British pound sterling. The currency is also called Quid, a slang expression. One quid is equal to 100 pence. The slang expression is believed to have come from“quid pro quo,” a Latin phrase that translates to "something for something," which means an equal exchange for goods or services.
In 1707, when Scotland and England joined to form a single country, the United Kingdom adopted the British pound as its official currency. However, in the year 760, the British pound was initially made as a form of money. It is also the oldest currency in the world still accepted as legal tender. Except for the United Kingdom, the British pound has beforehand served as currency in several of the British Empire colonies, which includes Canada, Australia, and New Zealand. Before printing British pound notes (which began in 1855), the Bank of England reproduced all notes by hand. The United Kingdom applied the gold standard to establish the value of the British pound before World War I. In 2002, the U.K. chose not to adopt the euro when it became the common currency of most European Union member nations but instead kept the pound sterling as its official currency.