Do you take sterling?

Scotland and the pound is in the news again, with Alex Salmond maintaining that it's as much Scotland's pound as England's.  It's not of course (see post dated 23rd February) but what an independent Scotland could do is continue to use the pound. Any country can use whatever currency they want providing (a) they can get hold of it, and (b) it will be unquestionably accepted by the country's shops and businesses.  There are many countries that use the (American) dollar in this way, and Scotland could use that as a model.  But it would continue to be the pound sterling, underwritten by, and at the whim of the Bank of England.  Scotland would have no say over it.  It may well be as regards currency that, in he event of a "yes" vote in the referendum, this would be the the most practical outcome - after all, the probability is that the majority of cross-border trade would be in pounds sterling, and certainly tourists (and tourism would continue to be a big source of revenue for the Scots) would be looking to spend their sterling up there.  I don't think the practicalities are as great as is being made out.