<Tr> <Th> Design date </Th> <Td> </Td> </Tr> <P> The Royal Bank of Scotland £ 1 note is a banknote of the pound sterling . It is the smallest denomination of banknote issued by The Royal Bank of Scotland . The current cotton note, first issued in 1987 bears an image of Lord Ilay, one of the founders of the bank, on the obverse and a vignette of Edinburgh Castle on the reverse . </P> <P> The Royal Bank of Scotland began issuing twenty shillings notes in 1727, the same year as the bank's founding . Early banknotes were monochrome, and printed on one side only . The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009 . Though strictly not legal tender in Scotland, Scottish banknotes are nevertheless legal currency and are generally accepted throughout the United Kingdom . Scottish banknotes are fully backed such that holders have the same level of protection as those holding genuine Bank of England notes . The £ 1 note is currently the smallest denomination of banknote issued by The Royal Bank of Scotland . </P> <P> The current Ilay series of banknotes was first issued in 1987 . These banknotes feature a portrait of Lord Ilay, first governor of the bank, on the front . Lord Ilay's image is also used as a watermark on the notes . Other design elements include the bank's coat of arms and logo, the facade of the bank's headquarters in Edinburgh, and a pattern representing the ceiling of the headquarters' banking hall . All of the Ilay series notes feature a castle on the back . On the reverse of the £ 1 note is an image of Edinburgh Castle . </P>

Is the scottish one pound note still in circulation