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Earliest coin minted in Scotland saved for the nation after 900 years
PA MediaThe earliest known coin to be minted in Scotland almost 900 years ago has been acquired for the nation after it was found by a metal detectorist.
The medieval David I silver coin, discovered in a wooded area near Penicuik, Midlothian in 2023, has been dated to the second half of the 1130s.
As required by law it was reported it to Treasure Trove and allocated to National Museums Scotland (NMS) by the Scottish Archaeological Finds Allocation Panel.
The coin was valued at £15,000, which was paid to the finder as a reward by the King’s and Lord Treasurer’s Remembrancer.
PA MediaThe NMS said it would be used for research but it is hoped it will go on display in future.
King David I of Scotland, who reigned from 1124 until 1153, introduced the country’s first coinage.
Alice Blackwell, senior curator of medieval archaeology and history, said it was thought all his earliest coins were created in a mint in Carlisle, Cumbria, which he took control of in the 1130s.
But she added: “This coin is really significant because it’s the first of that earliest type, the earliest coins to actually have been minted outside of Carlisle.
“It was minted in Edinburgh, so it’s the first time that we have Scottish coinage being minted in what was a core part of the Scottish kingdom.”
She said any coins found before the king’s reign could be Roman Age, Viking Age or medieval coinage.
David I later lost control of Carlisle.
PA MediaThe coin found in Midlothian has a portrait of the monarch’s head on one side and a cross-based design on the other.
It also bears an inscription which indicates it was minted in Edinburgh.
The discovery will help experts expand their understanding of how and where coins were minted in medieval times.
Dr Blackwell said there was virtually no documentary sources that explained how coinage was produced in Scotland.
She added: “The coins themselves are the primary source.
“This is the first time that we can see this very early minting of coinage in Edinburgh.”
The expert added the first Scottish coins were quite rare.
She also said the discovery of another had the potential to increase understanding about how the first coinage was produced and how it began to be used in Scotland.
Later in the reign of King David I, coins were minted in places including Perth, Berwick-upon-Tweed, Aberdeen, St Andrews, and Roxburgh in the Scottish Borders.
As well as introducing Scotland’s first coinage his reign included the foundation of royal burghs such as Perth, Dunfermline and Stirling, and the reorganisation of civil institutions.
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SEBI proposes stricter base price and band rules for gold, silver ETFs, including cooling-off periods after sharp global price swings to curb volatility.
Amid Global Commodity Volatility, SEBI Plans New Price Band Rules for Gold, Silver ETFs
The market regulator has sought to curb extreme volatility in gold and silver Exchange Traded Funds (ETFs) by proposing changes to the base price and price band framework. Currently, there are no separate price bands for ETFs aligned with their underlying assets, making them vulnerable to sharp price movements.
The proposal comes after sharp volatility in gold and silver ETFs triggered by fluctuations in global commodity prices. On some days, these ETFs fell by over 15%, while on others, they recorded sharp gains.
Stock exchanges currently apply a fixed price band of plus or minus 20% on the base price of ETFs, except for Overnight ETFs investing only in TREPs, which have a price band of plus or minus 5%.
Moreover, the base price for applying price bands to ETFs is taken as the T-2 day closing Net Asset Value (NAV) by exchanges, instead of the T-1 day closing NAV or price, as is the case with indices and individual stocks. This creates a challenge, as the closing NAV of ETFs typically differs between T-1 and T-2 days. Corporate actions such as bonuses and dividends are adjusted manually, increasing the risk of errors.
What Are the Key Proposals?
SEBI has proposed that the base price be determined using either the closing price of the ETF on T-1 day (weighted average price of the last 30 minutes), the closing NAV of T-1 day, or the average indicative NAV (iNAV) of the last 30 minutes of T-1 day.
Further, the regulator has proposed an initial price band of plus or minus 10% for equity and debt ETFs, which can be flexed up to plus or minus 20%. A cooling-off period of 15 minutes will apply, and up to two flexes will be allowed in a day.
For gold and silver ETFs, the regulator has proposed an initial price band of plus or minus 6%, which can be flexed up to plus or minus 20%. This will also include a 15-minute cooling-off period.
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February 14, 2026, 16:08 IST
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Oil and Gas Regulatory Authority (OGRA) forwarded a summary to the federal government suggesting an increase of Rs4.39 per liter in petrol price for the next fortnight.
After approval from the federal government, one liter of petrol will be sold at Rs257.56 instead of Rs253.17 per liter.
The price of high-speed diesel (HSD) will be increased by Rs5.40 per liter.
After approval, the price of one liter of high-speed diesel will increase by Rs268.38 to Rs273.78.
The proposal to increase the price of kerosene by Rs4 per liter is also on the cards.
The OGRA also recommended increasing the price of one liter of light diesel by Rs6.55.
The new prices of petroleum products will be effective from February 16, 2026.
Due to tension between the USA and Iran, petroleum prices are likely to increase further.
The group, based in Solihull and Wolverhampton, says its vet bills are costing them more.
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