The first batch of British banknotes featuring King Charles III has sparked a frenzy among collectors, resulting in record-breaking auction prices. A series of auctions held in London saw these new banknotes, originally worth £78,430, fetch over 11 times their face value, generating a total of £914,127 for charity.
The auctions were particularly successful for banknotes with low serial numbers, with a £10 note fetching an impressive £17,000. A set of 40 connected £50 notes, with a total face value of £2,000, set a new record at the auction, selling for £26,000. This signifies the high demand and value collectors place on these unique banknotes, especially those with serial numbers close to 00001.
The Bank of England had urged the public to exchange their old banknotes featuring Queen Elizabeth II for the new ones by June 30th, leading to long queues outside the Bank of England and Post Office branches in London. While the new notes are largely similar to their predecessors, they feature King Charles III’s portrait, marking him as the second British monarch to appear on Bank of England notes after his mother, Queen Elizabeth II. Interestingly, Scotland does not feature monarchs on its banknotes.
The new banknotes, designed to replace old and worn-out ones, were previewed by King Charles at Buckingham Palace before being approved by the Bank of England. The King was shown notes of lower denominations, reflecting the gradual transition to the new currency. Despite the introduction of the new notes, older banknotes featuring Queen Elizabeth II remain usable and will continue to circulate alongside the new ones to ease the transition.
