Probably no issue caused more confusion in the 2014 referendum campaign or did more to diminish the credibility of proponents of independence. This lecture will review the various possibilities - continued use of sterling, membership of the eurozone, or the adoption of a national currency, which I shall, for concreteness, call the bawbee. The lecture will emphasise that in the modern world currency choices are matters for individuals, businesses and financial institutions as well as governments, and describe both the opportunities and the pitfalls. This lecture is delivered by Professor Sir John Kay FRSE is one of Britain’s leading economists. Response by Professor Graeme Roy, Professor of Economics and Dean of External Engagement in the College of Social Sciences at the University of Glasgow and chaired by Professor Nicola McEwan FRSE, Professor of Territorial Politics at the University of Edinburgh. This event was recorded live on Thursday 2 December.