If Scotland becomes independent, should it immediately adopt its own new currency?

The currency question is arguably the biggest economic stumbling block for Scottish independence. Proponents argue that a sovereign country must have its own central bank to control borrowing and handle shocks, proposing a new Scottish Pound as soon as practical. Opponents warn that dumping Sterling would force high mortgage rates, transaction costs for trade with England, and require massive reserves the country doesn't have. Some moderates prefer 'Sterlingisation'—using the pound without permission—but this leaves Scotland with no lender of last resort.