King Charles banknotes fetch 11 times their face value at auction

King Charles III banknotes have soared in value, with a series of auctions raising over £914,000 for charity—more than 11 times their face value. 

The new £5, £10, £20, and £50 notes, which entered circulation in June, have sparked a frenzy among collectors, especially those seeking low serial numbers.

The auctions, held by Spink in London, showcased several high-value sales. 

A single £10 note with the serial number HB01 000002 sold for an impressive £17,000. 

Additionally, a sheet of 40 connected £50 notes, valued at £2,000, fetched a record £26,000—the highest ever for a Bank of England auction.

Collectors have shown particular interest in notes close to the coveted 000001 serial number, driving up the prices significantly. 

The remarkable sums raised reflect the high demand and fascination surrounding these new banknotes.

Sarah John, the Bank of England's chief cashier, expressed her delight at the substantial funds generated, calling the outcome "remarkable." 

The high value of these notes underscores their unique appeal and the enthusiasm of collectors eager to own a piece of history.

The recent auctions of banknotes featuring have generated an astounding £914,000, with the proceeds set to benefit ten charities. 

This marks the first change in monarch on Bank of England notes since Queen Elizabeth II first appeared on them in 1960.