A new photo released by the Bank of England shows the latest banknotes featuring King Charles III's portrait. CTV News
A remarkable series of auctions featuring King Charles III banknotes has raised an impressive £914,127 (about $1.2 million) for ten U.K. charities, according to the Bank of England. This sum, garnered through Spink & Sons' auctions over the summer, far exceeds the face value of the notes, which was £78,430 (about $100,318), with the notes selling for an average of 11.7 times their original worth.
The new banknotes, which began circulating on June 5, represent the first time the Bank of England has updated its currency to feature a new monarch. Queen Elizabeth II, who passed away in September 2022, was the last to be featured on the banknotes, starting in 1960. The release of these notes marks a significant moment in British currency history.
Collectors have shown a keen interest in these early editions, with particularly low serial numbers fetching impressive prices. For instance, a £10 note with the serial number HB01 00002 sold for £17,000 (about $21,764). Additionally, a sheet of 40 new £50 notes, originally worth £2,000 (about $2,600), sold for £26,000 (about $33,300), setting a record for the highest value lot ever sold at a Bank of England auction.
"Lucky numbers" also attracted significant bids, with two £5 notes ending in 88 and 888 fetching £2,200 (about $2,800) and £2,400 (about $3,100), respectively. Gregory Edmund, an auctioneer at Spink & Sons, noted that the success of these auctions underscores the growing popularity of banknote collecting, even as physical cash use declines.
The proceeds from these auctions will be distributed to ten charities selected by Bank of England staff. Among the recipients are WWF-UK, a wildlife charity, and the Trussell Trust, which supports food banks. Each charity will receive £91,400 (about $116,900). Sarah John, the executive director of banking at the Bank of England, highlighted the positive impact these funds will have on communities across the U.K.
There are currently more than 4.6 billion £5, £10, £20, and £50 banknotes in circulation in the U.K., with a total value exceeding £82 billion (about $105 billion). The Bank of England occasionally retains some of the first-printed notes with special serial numbers for donation to notable individuals or institutions involved in the note's development.
For example, the late Queen Elizabeth II received the lowest serial number of the £5 note featuring Winston Churchill when it was introduced in 2016. Similarly, the Churchill War Rooms in London received a £5 note with the serial number AA01 001945, commemorating the end of World War II.
