An auction featuring some of the first 5-, 10-, 20-, and 50-pound banknotes with King Charles III’s portrait has generated nearly one million pounds, with the total yield of £914,127 being distributed among ten charities selected by the Bank of England. These banknotes have been in circulation in the United Kingdom for only a few months, and the low serial number notes are particularly popular among collectors. The auction has set a record for the most expensive lot sold in a Bank of England banknote auction. For instance, a sheet of 50-pound notes sold for £26,000, while a 10-pound note with the serial number HB01 00002 fetched £17,000.
The new banknotes featuring King Charles III will gradually replace those bearing the image of Queen Elizabeth II. However, banknotes with Queen Elizabeth II’s image will remain valid. The tradition of placing the monarch’s image on banknotes is relatively recent, dating back to 1960 when Queen Elizabeth II became the first British monarch to appear on a 1-pound note. King Charles III is the second monarch to be honored in this way.
The Bank of England began issuing banknotes featuring King Charles III’s portrait on 5 June 2024. These notes co-circulate with those featuring Queen Elizabeth II and maintain the same design as the existing polymer banknotes, with the only change being the addition of King Charles III’s portrait. The four denominations of notes—£5, £10, £20, and £50—each have distinct color schemes and increase in size as the value increases. The reverse sides of these notes feature notable figures such as Winston Churchill, Jane Austen, and J.M.W. Turner.
The auction, which broke the record for the highest lot sold in a Bank of England banknote auction, was part of a series of charity auctions organized by the Bank of England. The funds raised from these auctions will be distributed among ten selected charities. The popularity of these new banknotes, especially those with low serial numbers, has been significant among collectors, contributing to the high bids seen in the auction.
