UK banknotes among first depicting King auctioned for more than US$1 mln

The notes, which had a face value of about GBP78,000, were among the earliest to be released featuring the new monarch after new GBP5, GBP10, GBP20 and GBP50 notes entered circulation in June.

One sheet of GBP50 notes went for GBP26,000, setting a record for the highest lot sold at a Bank of England banknote auction.

This was followed by the GBP10 auction where a single note was sold for GBP17,000 with the serial number HB01 00002.

Collectors seek banknotes with the lowest serial number possible - or as close to 00001 as they can find - which is why they paid above the odds for the notes.

The auction was carried out by Spink in London.

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 GBP914,127, which will be donated to 10 charities chosen by Bank of England staff.

"Each charity does incredible work and the monies raised will have a positive impact on people across the UK."

The list of charities is: Childhood Trust, the Trussell Trust, Shout, Carers UK, Demelza, WWF-UK, the Brain Tumour Charity, London's Air Ambulance Charity, Child Bereavement UK and the Samaritans.

There are more than 4.6 billion Bank of England notes in circulation, worth about GBP82 billion.

Although the Bank of England started to produce banknotes in the 17th century, Charles's mother, the late queen, was the first British sovereign to be given the honour in 1960 on a GBP1 paper note.

The use of banknotes and paper cash is declining, with a recent survey for Link indicating that nearly half (48 per cent) of people expect to see a cashless society in their lifetime.

Nonetheless, post offices handled a record amount of cash in July, with transactions totalling GBP3.77 billion.

-- BERNAMA