Rare King Charles banknotes fetch nearly £1M in auction

King Charles banknotes entered circulation in early June, following the release of coins, stamps, and passports. 

Now, the rarest of these notes have raised nearly a million pounds for different charities. 

Spink & Sons held four auctions for £5, £10, £20 and £50 notes alongside the Bank of England’s chief cashier and executive director of banking Sarah John over the summer. The notes sold for £914,127, and the proceeds will be split between ten different charities. 

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It was a record-breaking auction for the central bank, setting the highest lot sold in a Bank of England Note auction. One £50 note went for £26,000. A £10 note with the serial number HB01 00002 was sold for £17,000. 

The notes for sale had a face value of around £78,000, the BoE said. However keen collectors were looking for the notes with the lowest possible serial numbers, paying a significant premium for them. 

These banknotes also represent the first time the Bank of England updated the monarch on its tender. Queen Elizabeth II was the first monarch on its banknotes, beginning in 1960. 

Which charities received the money?

The Bank of England’s three charities of the year – The Childhood Trust, The Trussell Trust and Shout – were among the beneficiaries of the money raised in the auction. 

Each charity received £91,400. Other beneficiaries include: 

“I am thrilled that the auctions and public ballot of low-numbered King Charles III banknotes have raised a remarkable £914,127 that will be donated to ten charities chosen by Bank of England staff,” John said. “Each charity does incredible work and the monies raised will have a positive impact on people across the UK.”