Bank of England sells first edition of King Charles' banknotes, raises more than USD1.17M for charity
Date
8/15/2024 4:51:12 AM
(MENAFN) The bank of England has successfully auctioned a collection of first-edition British banknotes featuring the image of King Charles and notable low serial numbers, generating over £914,000 (approximately USD1.17 million) in total. Among the highlights, a £50 note sold for a record-breaking £26,000, while a £10 note with the serial number "HB01 00002" fetched £17,000. The banknotes, which were auctioned in four separate events over the summer, included denominations of £5, £10, £20, and £50. All proceeds from these auctions are earmarked for donation to various charitable institutions.
These auctions mark a significant milestone, occurring shortly after Britain introduced banknotes featuring King Charles in June of the previous year. This transition came about two years following King Charles’s accession to the throne, succeeding Queen Elizabeth II. The release of these notes reflects a broader trend as the Bank of England adapts to changes in currency usage and public interest.
The use of cash in Britain has declined sharply in recent years, with consumers increasingly favoring debit cards and other electronic payment methods. According to data from the British Retail Consortium, cash transactions made up more than half of in-store payments in 2014 but fell to just 15% by 2021. Although there was a slight increase to 19% in 2022, the shift towards digital payments continues to influence the role of physical currency in everyday transactions.
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