ELI5: Explain Like I'm 5

Pound Scots

Pounds Scots was a type of money that people in Scotland used a long time ago before they started using pounds sterling. Imagine you have some toys that you really like and you want to trade them for some candy from your friend. This is called bartering. People used to barter in the olden days, but it could be hard because not everyone had the same things to trade.

So, to make it easier, people started using things as money, like shells or stones or even animals like cows. Over time, they made special coins that were worth a certain amount and everyone agreed to use them to buy and sell things.

In Scotland, they had their own type of coin called pounds Scots. One pound Scots was worth a different amount than one pound sterling, which is the type of money that people in England and other places used. This could cause some problems if people wanted to trade across borders, so eventually, Scotland and England agreed to use the same type of money and that's why now everyone in Scotland uses pounds sterling, just like in England.