King Charles III Banknotes Sold For ₹9 Crore, Surpassing Face Value By 12x

The inaugural banknotes featuring the image of King Charles III have achieved remarkable auction prices, with the total sales reaching £914,127 (approximately ₹9 crore). The notes, auctioned by Spink & Sons, exceeded their face value of £78,430 (around ₹85 lakh) by 11.7 times.

This auction took place shortly after the new currency, including £5, £10, £20, and £50 notes bearing King Charles III’s likeness, entered circulation in the UK on June 5. This marks the first time the Bank of England (BOE) has updated the monarch depicted on its banknotes.

Collectors have shown significant interest in acquiring notes with the lowest serial numbers, with bids for specific notes reflecting their scarcity and desirability. For instance, a £10 note with the serial number HBO1 00002 sold for £17,000 (over ₹18 lakh), and a £50 note set a record, fetching £26,000 (about ₹28 lakh). King Charles III was presented with the complete set of initial issues, each marked with the serial number 000001.

High bids were also attracted by “lucky numbers,” with two £5 notes fetching £2,200 (over ₹2 lakh) and £2,400 (over ₹2.5 lakh) respectively, due to their serial numbers ending in 88 and 888.

Sarah John, the head cashier of the Bank of England, expressed her enthusiasm for the “remarkable” sums raised, noting the positive impact these funds will have. The auction proceeds will be donated to ten selected charities, including the Trussell Trust, which supports food banks, and WWF-UK, a wildlife conservation organization.

Since Queen Elizabeth II first appeared on BOE banknotes in 1960, her image had been the sole representation of the monarch until this change. Notably, Scottish banknotes do not feature the monarch.

The UK currently has around 4.6 billion banknotes in circulation, with a total value exceeding £82 billion (approximately ₹884,780 crores), according to the central bank.