Eleven times the face value is what King Charles banknotes fetch.
After auctions, over eleven times the face value of £78,430 in banknotes was donated to charity.
June saw the introduction of new five, ten, twenty, and fifty pound notes with the image of King Charles III.
The king saw all the initial printings, but hundreds of notes with low serial numbers were sold.
The highest bidder paid £17,000 for a single £10 note bearing the serial number HB01 000002.
A sheet of forty linked fifty-pound notes, with a face value of two thousand pounds, fetched twenty-six grand in a separate lot. Moreover, the Bank of England auction set a new record with that. Spink, an auctioneer based in London, managed to raise a total of £914,127 from their four sales. These huge sums are a result of collectors’ desire to acquire banknotes with serial numbers as close to 00001 as possible. For instance, on the first day of the notes’ circulation in June, collectors visited branches that possessed stockpiles of the currency, according to the Post Office. Additionally, the London Bank of England also had an early line. Bank chief cashier Sarah John expressed her “thrill” at the “remarkable” amount raised. Notably, her signature appears on the notes. Finally, the bank has chosen ten charities to receive equal shares of the proceeds.
The 10 charities are as written below
- Childhood Trust
- Trussell Trust
- Demelza
- Carers UK
- Shout
- The Samaritans
- London’s Air Ambulance Charity
- Brain Tumour Charity
- Child Bereavement UK
- WWF-UK
Since Queen Elizabeth II began appearing on Bank of England banknotes on a regular basis in 1960, this is the first occasion that the queen has changed on these notes. In Scotland, the monarch is not depicted on currency notes.
According to UK Finance, a trade group for the banking industry, the number of people relying on cash for everyday purchases reached a four-year high amid the cost of living crisis, despite the fact that their usage is on the decline.
The record-breaking volume of cash transactions processed by post offices in July amounted to £3.77 billion.
Plus, HSBC has committed to keeping all of its branches open until at least 2026.
