Bank of England £100,000,000 note

As both Scotland and Northern Ireland have banknotes issued by particular local banks, the non-circulating notes provide the essential link between those banknotes and the currency of England and Wales, and security if a local issuing bank were to fail.

The million pound note plays a similar vital role in the British currency system.

[1][2][note 1] Scottish and Northern Irish banknotes are often viewed with suspicion by businesses in England and Wales as businesses are not always familiar with the different types of notes that are issued and may not be sure on how to check them for counterfeiting and, therefore, do not like to accept them.

For every pound an authorised Scottish or Northern Irish commercial bank prints and issues in the form of its own notes, it must deposit the equivalent in pound sterling with the Bank of England.

[1][4] For even further security, £100 million notes must be signed by the existing Chief Cashier in order to become legal tender and actually be used as a backing asset for commercial banks and their notes in Scotland and Northern Ireland.