Bank of England sells first edition of banknotes bearing King Charles' image

(MENAFN) The Bank of England has successfully auctioned a collection of first-edition British banknotes featuring the image of King Charles and low serial numbers, garnering more than £914,000 (approximately USD1.17 million). Among the notable sales, a £50 note fetched a record £26,000, and a £10 note with the serial number "HB01 00002" sold for £17,000. The banknotes, which include denominations of £5, £10, £20, and £50, were auctioned across four events held during the summer, with the proceeds designated for charitable organizations.

The new banknotes featuring King Charles entered circulation in June, approximately two years after his accession to the throne following the death of Queen Elizabeth II. This move marks a significant update in British currency, reflecting the change in the monarchy. Despite the introduction of these collectible notes, the use of cash in Britain has seen a dramatic decline in recent years, with consumers increasingly favoring debit cards and digital payment methods. The British Retail Consortium reported that cash transactions, which accounted for over half of in-store purchases in 2014, had dropped to 15% by 2021, although they rose slightly to 19% in 2022, partly due to the impacts of the COVID-19 pandemic. 

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