UK banknotes featuring King Charles III sold for 1,170% above face value at charity auctions

Single £10 note with serial number HB01 000002 sold for £17,000, marking a 1,600% increase over its face value

UK banknotes featuring King Charles III have fetched an astonishing 1,170% above their face value through a series of charity auctions.

Banknotes with a face value of £78,430 generated over £914,000 for charity through a series of auctions, according to a report published by the BBC.

The new £5, £10, £20, and £50 notes featuring King Charles III, which entered circulation in June, were sold in auctions by Spink in London.

The first issue set of notes, each with a serial number ending in 000001, was sold, while hundreds of other low serial numbered notes were also auctioned.

A single £10 note with the serial number HB01 000002 fetched £17,000, and a sheet of 40 connected £50 notes, valued at £2,000, sold for a record £26,000.

The four auctions raised a total of £914,127, thanks to collectors seeking notes close to the 000001 serial number.

When the notes were first released, collectors flocked to branches, and there was a queue outside the Bank of England in London.

Sarah John, the Bank's chief cashier, expressed her excitement at the remarkable amount raised. The funds will be distributed equally among ten charities selected by the Bank.

This change in banknote design marks the first appearance of King Charles III on Bank of England notes, following Queen Elizabeth II's long-standing presence since 1960.

Despite a decline in cash usage, the number of people using cash for daily expenses has recently risen, and post offices reported handling a record £3.77 billion in transactions in July.