This chapter examines the different trajectory Scotland adopted to the problems it faced in the 1690s. After suffering a terrible famine in the middle of that decade, which England avoided, Scotland’s leaders embarked on a plan to create a modern economy. Since Scotland suffered an even more acute shortage of specie than England, but did not need to bankroll foreign wars, it was decided to create the Bank of Scotland as an institution designed primarily to create specie-substitute paper currency. In addition to Scotland, many of the British Thirteen Colonies also issued paper currencies to meet demand for money in the face of even more acute specie shortage than Scotland. By doing so they were able to increase their consumption of British-produced goods. France also attempted to create a system of paper currency under the influence of the exiled Scot, John Law, who had previously written pamphlets arguing for the link between currency, liquidity, and economic growth. However for the French government the conversion of the huge debts it had built up fighting the war of Spanish Succession into currency was more important, and the result was over-issue, inflation, and collapse.