money was abolished as a circulating currency at the Act
of Union in 1707.However, the valued rent of land , and in
many places, feu duties and ministers stipends ,
schoolmaster`s salaries, and other parochial
payments were still reckoned by the pound Scots and
the merk, or mark, for some considerable time after the
Union. But payment was made in English pounds sterling.
English and the Scottish pound was made up of twenty
shillings, each of twelve pence. Thus there were 240 pence
in a pound. But there were 12 Scots pounds to the English
pound. The merk was 2/3rds of a Scottish pound or 13
shillings and fourpence.
1 penny or doyt
1 plack or groat
3 placks 1 bawbee *
13 shillings and 4 pennies 1 merk or mark
18 merks or marks, or 12 pounds Scots
* the bawbee was originally a copper coin worth 1/2 pence; in Mary QoS time it was three pence Scots money, and later raised to six pennies.