King Charles £10 banknote sold for £17,000

Banknotes with the face of King Charles on them have been sold 11 times more than their face value following a series of auctions. The notes with a face value of £78,430 raised £914,172 for charity.

The new £5, £10, £20 and £50 notes which feature King Charles III entered circulation back in June. The first issued notes were presented to King Charles, but hundreds of other low serial numbered banknotes were offered to the highest bidder during an auction.

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During the auction, on single £10 note with the serial number HB01 000002 sold for as much as £17,000. According to the BBC, during another lot, a sheet of 40 connected £50 notes - with a face value of £2,000 - sold for £26,000. That was a record for any Bank of England auction.

The four sales run by auctioneers Spink in London raised £914,127 in total. Collectors seek banknotes which come as close to the 00001 serial number as possible, hence the large amounts raised.

When the notes entered circulation in June, the Post Office reported collectors visiting branches which had stocks of the notes during the first day. There was also an early queue outside the Bank of England in London.

Sarah John, the Bank's chief cashier - whose signature is on the notes - said she was "thrilled" that such such a "remarkable" amount was raised.

The proceeds will be shared equally between 10 charities chosen by the Bank:

Childhood Trust

The Trussell Trust

Shout

Carers UK

Demelza

WWF-UK

The Brain Tumour Charity

London’s Air Ambulance Charity

Child Bereavement UK

The Samaritans

It is the first time the monarch has changed on Bank of England notes, because Queen Elizabeth II was the