Macallan Distillery was originally called Elchies Distillery and in 1824 was one of the first in Speyside to take out a license. Its spirit stills are the smallest on Speyside and have appeared on the Bank of Scotland £10 note. There was most probably a farm distillery on the site as it is close to one of the few crossing points on the Spey river and would have been used when driving cattle to and from market. Macallan produced 1 million gallons/4.5 million litres for the first time in 1970 93% of which went for blending. Promotion of The Macallan as a single malt began in 1980 and by 1984 it was number three in Scotland and number five in the world. Originally, all Macallan was matured in sherry casks but in 2004 the Fine Oak series was launched, with the whisky in the mix mellowed in bourbon as well as sherry.