Auctions of early King Charles bank notes raise $1.17 million for charity

LONDON — Auctions of King Charles III bank notes with low serial numbers have raised £914,127 ($1.17 million) for charity, according to the Bank of England.

A £50 sheet was auctioned for a record-breaking £26,000, while a single £10 note with the serial number HB01 00002 was sold for as much as £17,000, the BOE said in a statement on Monday.

Four auctions took place over the summer — for £5, £10, £20 and £50 notes — with the proceeds set to go to a range of charities. This includes the Bank of England's three 'charities of the year' as well as seven others that have not benefitted from charity auctions of banknotes since 2016.

Charities included those providing support for mental and physical health concerns, children living in poverty, people experiencing hunger, the environment and animals.

Each charity received just over £91,400 of the proceeds, the BOE said.

King Charles bank notes entered circulation for the first time in June and are the first notes to depict a monarch other then Queen Elizabeth II, as this tradition only started in 1960.

Notes featuring King Charles were first shown and then released after Elizabeth passed away in September 2022.

Charles can be seen on the front of the £5, £10, £20, and £50 banknotes, and through the see-through security window on the notes. The design has otherwise remained the same, also featuring historical U.K. figures such as Winston Churchill and Jane Austen.

The BOE previously said the new notes would only be printed to replace those that are worn out and to meet any increased demand for banknotes. Notes featuring Elizabeth II remain legal tender.

Correction: A previous version of this story misstated the amount raised by the auctions in the headline.