The merk was a Scottish silver coin. Originally the same word as a mark of silver, the merk was in circulation at the end of the 16th century and in the 17th century. It was originally valued at 13s 4d (exactly ⅔ of a pound Scots, or about one shilling in English coin), later raised to 14s Scots. In addition to merks, half-merk and quarter-merk coins were produced with values of, respectively, 7s and 3s 6d, as well as a four-merk coin of 56s (£2 16s).
The first issue weighed 103.8 grains and was 50% silver and 50% base metals, thus it contained 0.108125 troy ounces of silver, worth about £1 at modern prices.
The bawbee was introduced by James V in 1538 valued at sixpence. These carry his 'I5' monogram flanking a crowned thistle, and a large saltire on the reverse with a central crown. There was also smaller half bawbee and quarter bawbee. Around the year 1544 his widow Mary of Guise minted bawbees at Stirling Castle, with the 'MR' cipher, and the cross potent with crosslets of Lorraine on the reverse. The first bawbees of Mary, Queen of Scots issued by the mint at Holyroodhouse in Edinburgh carried the cinquefoil emblems of Regent Arran
List of Scottish Coins
Dollar – Replacement for the Ryal, 60 Scots shillings (James VI)
Ryal – Gold, 1565
Crown or Lion – Gold (James I)
Half-crown, Demi-Lion or Demys – Gold (James I)
Ducat or "bonnet" – 40 shillings, 1539 (James V)
Half-unicorn – Gold, 9 shillings Scots (James IV)
Half-groat – Silver, equivalent to two pence, from 1357
Turner – Billon, two pence (James VI), later copper.
Hardhead – also called Lion, billon coin circulated in the reigns of Mary and James VI
Halfpennies – Initially literally half of a penny, these became minted coins in their own right in c.1280. Later made of copper.
Farthing or quarter-penny – These were originally quarters of pennies, but as with Halfpennies, became coins in their own right in c.1280. Later made of copper.
List of Scottish monarchs who issued coins
Malcolm IV (1153–65)
William the Lion (1165–14)
Alexander II (1214–49)
Alexander III (1249–86)
John Balliol (1292–96)
Robert the Bruce (1306–29)
David II (1329–71)
Robert II (1371–90)
Robert III (1390–1406)
James I (1406–37)
James II (1437–60)
James III (1460–88)
James IV (1488–1513)
James V (1513–42)
Mary, Queen of Scots (1542–67)
James VI (1567–1625)
Charles I (1625–49)
Charles II (1660–85)
James VII (1685–88)
William and Mary (1689–94)
William II (1694–1701)
Anne (1701–14, no coins minted after Union)