What would an independent Scotland use as currency?

Writing about the financial management takes for granted that there is some money to be managed. For most of us, most of the time, we don't have to think about what currency to use but this week there has been some coverage in the UK papers about what would happen in Scotland if it were to become independent of the rest of the UK. Here are links to a couple of helpful articles. The first comes from Channel 4's FactCheck blog, explaining whether or not Scotland would be excused from paying any of the national debt that's been racked up by the UK. The second article is by Phillip Inman of the Guardian newspaper. It explains the various options the Scottish Government would have for currency, ranging from their very own, through using the euro to using the US dollar. Like everything, each option has pros and cons and the Scottish Government would have a lot of work to do regardless of which option is their preferred one.