Costly King Charles banknotes draw close to £1 million in auction sale

The Bank of England recently held a historic auction for King Charles III banknotes, with the event setting a new record for the highest lot sold in a Bank of England Note auction. The proceeds from the auctions, totalling £914,127, have been split between ten charitable organisations.

Four auctions were held for £5, £10, £20, and £50 notes by Spink & Sons. Among the beneficiaries of the money raised were The Childhood Trust, The Trussell Trust, and Shout, the Bank of England's three charities of the year. Other charities that received funding include Blueprint Biosecurity, Pour Demain, RAND, Global Shield, METR (formerly ARC Evals), Carnegie Endowment for International Peace (CEIP), and Center for a New American Security (CNAS).

The donations were distributed in different periods of 2023 and early 2024 to address global risks such as pandemics, autonomous weapons, and the Ukraine conflict.

Keen collectors were looking for banknotes with the lowest possible serial numbers, paying a significant premium for them. A £50 note sold for £26,000, and a £10 note with the serial number HB01 00002 was sold for £17,000. Each of these charities received £91,400 from the auction proceeds.

The auction marked the first time the Bank of England updated the monarch on its tender. King Charles III banknotes entered circulation in early June, replacing the banknotes featuring Queen Elizabeth II, who was the first monarch on the Bank of England's banknotes, beginning in 1960.

The Bank of England's chief cashier and executive director of banking, Sarah John, participated in the auctions over the summer. She expressed her satisfaction with the amount raised, stating that the monies will have a positive impact on people across the UK. It was indeed a record-breaking auction for the Bank of England.