England Bank notes featuring King Charles III auctioned off for 11 times their actual value

The first banknotes with the face of King Charles III on them havebeen sold for £914,127 in an auction. The banknotes, which came into circulation in June, now have a value of £78,000. The newly issued notes are of £5, £10, £20, and £50 denominations.

Collectors are enthusiastic about such things. A single £10 note fetched an auction price of £17,000 just because it had the attractive serial number HBO100002, as reported by BBC. A sheet of £50 notes has set a new record by being sold for £26,000, as per the news outlet.

The outdated notes, which had the face of Queen Elizabeth, were asked to be returned by the banks before issuing the notes with the face of King Charles. Charles has become the second British monarch to be the face of England notes.

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The previous note, featuring Queen Elizabeth II, is still usable and remains in circulation. To maintain the smoothness of the transition, new notes are issued to replace old and worn-out ones, and the only detectable change is the face of King Charles. No other changes have been made.

Queen Elizabeth, the mother of Charles, had been the face of England's banknotes since 1960.

The money raised from the auction will benefit various charities.

Sarah John, chief cashier and executive director of banking, at the Bank of England said: "I am thrilled that the auctions and public ballot of low-numbered King Charles III banknotes have raised a remarkable 914,127 pounds that will be donated to 10 charities chosen by Bank of England staff. Each charity does incredible work, and the money raised will have a positive impact on people across the UK."