Banknotes with a face value of £78,430 have generated over 11 times that amount for charity through a series of auctions. The new £5, £10, £20, and £50 notes featuring King Charles III, which entered circulation in June, were auctioned off, with hundreds of low serial numbered notes fetching impressive prices. For instance, a single £10 note with the serial number HB01 000002 sold for £17,000, while a sheet of 40 connected £50 notes, valued at £2,000, fetched a record £26,000 at a Bank of England auction.
In total, the four auctions conducted by Spink in London raised £914,127. Collectors are drawn to banknotes with serial numbers close to 00001, driving up their auction value. The launch of these notes saw collectors flocking to post offices and the Bank of England in London on the first day of circulation.
Sarah John, the Bank’s chief cashier, expressed her delight at the substantial amount raised. The funds will be divided equally among ten charities selected by the Bank, including Childhood Trust, The Trussell Trust, Shout, Carers UK, Demelza, WWF-UK, The Brain Tumour Charity, London’s Air Ambulance Charity, Child Bereavement UK, and The Samaritans.
This marks the first time a monarch has appeared on Bank of England notes since Queen Elizabeth II began appearing on them in 1960. Notably, Scottish banknotes do not feature the monarch. Despite a general decline in cash usage, the demand for cash increased to a four-year high during the cost of living crisis, with post offices handling a record £3.77 billion in transactions in July. Additionally, HSBC has pledged not to announce any new branch closures until at least 2026.
The introduction of the new notes featuring King Charles III marks a significant shift in the design of Bank of England currency, as Queen Elizabeth II had been the sole monarch depicted on these notes for decades. The shift also highlights a broader trend in the use of cash, as digital payments become more common, yet cash transactions have seen a resurgence during economic uncertainties.
The record-breaking auction results reflect a strong collector interest in rare and unique banknotes, underscoring the continuing allure of physical currency even in a digital age. The proceeds from these auctions will provide crucial support to the chosen charities, benefiting various causes from child welfare to environmental conservation.
Moreover, the banking sector is responding to changes in cash usage with measures such as HSBC’s commitment to maintaining branch operations, countering the trend of widespread branch closures. This move aims to ensure that customers who rely on in-person banking services continue to have access to them amidst a shifting financial landscape.
