A series of rare banknotes featuring the King were recently auctioned off for an impressive £914,127, with all proceeds going to various charities. The face value of these notes was approximately £78,000, making this auction a significant success.
These banknotes were some of the earliest to showcase the new monarch, King Charles III, following the introduction of new £5, £10, £20, and £50 notes into circulation in June. One particularly noteworthy sale was a sheet of £50 notes that fetched £26,000, setting a new record for the highest-priced lot ever sold in a Bank of England banknote auction.
Collectors were eager to get their hands on these banknotes, especially those with low serial numbers. The auction featured a £10 note with the serial number HB01 00002, which sold for an impressive £17,000. People are often willing to pay a premium for banknotes with serial numbers closest to 00001, making these notes highly sought after.
The auction was conducted by Spink in London, and the Chief Cashier and Executive Director of Banking at the Bank of England, Sarah John, expressed her delight at the success of the event. She mentioned that the funds raised from the auctions and public ballot of low-numbered King Charles III banknotes would be donated to 10 deserving charities chosen by Bank of England staff.
While the Bank of England has a long history of producing banknotes dating back to the 17th century, it wasn’t until 1960 that Charles’s mother, the late Queen, became the first British sovereign to be featured on a £1 paper note. Despite the declining use of banknotes and paper cash, with many predicting a cashless society in the future, post offices in the UK handled a record amount of cash in July, with transactions totaling £3.77 billion.
It’s heartening to see the enthusiasm and support for these rare banknotes, especially when the proceeds are going towards various charitable causes. The legacy of the King and the significance of these early banknotes have clearly resonated with collectors and supporters alike, showcasing the enduring value and appeal of physical currency in an increasingly digital world.
