NOTES featuring King Charles came into circulation in June and they are already catching a hefty sum at auction.
The new notes, with the face of the monarch, will slowly replace those depicting the late Queen Elizabeth II as they become worn or to meet an increase in demand.
King Charles III will be the second monarch to appear on Bank of England bank notes, the first being Queen Elizabeth II in 1960.
It’s worth keeping an eye out for some of the King Charles III notes in particular that could be worth multiple times their face value.
Each new printed banknote features a unique “serial number” used to identify it.
The serial number starts with a four-digit prefix followed by six digits.
There are 999,000 notes printed and put into circulation – with the six digits at the end ranging from 000001 to 999000.
It has become tradition that when a new banknote is issued, a group with low serial numbers is put aside to be sold at auction.
Spink & Son arranges charity auctions in London – and when the new King Charles notes were released, four actions were arranged.
The first, that took place on June 13, consisted exclusively of £5 notes.
Further auctions took place on June 27 and July 11 – and the next one has been arranged for 2pm on Wednesday, July 24.
The Sun has rounded up the most valuable King Charles banknotes in circulation which could sell for up to £6,000.
Notes with the lowest serial number tend to fetch the highest price at auction.
At a Spink and Son charity auction earlier this week, a number of £50 notes with these low serial numbers were sold off to collectors, including those with the AJ01 prefix.
AA notes are the most valuable, but anything with an A in it could be worth more than the value of the note itself.
For example, one with the serial number AJ 01 000003 sold for £14,000.
Experts at Change Checkers explain why different serial numbers on bank notes add greater value.
Whenever new banknotes are issued, it causes quite a stir in the collecting community, with serious collectors rushing to secure the notes with the lowest serial numbers.
The Bank of England generally hold back some of the notes with the earliest serial numbers, donating them to people or institutions that were involved in the development of the note, but others can fetch hefty sums at auction!
For example, serial numbers such as AK47 due to the machine gun connotations, and 007 which could be desirable to James Bond fans are considered collectable, as well as serial numbers representing key dates relating to the figure on the reverse of the note.
On 11th July 2024, a King Charles III £20 note with the serial number EH 01 000002 sold for £7,000 at auction – that’s 350 times its face value!
The next four rare £50 banknotes that went up for auction were sold for the following prices:
You can find out how much the other rare £50 notes sold for on the Spink and Son website.
Banknotes that have very early serial numbers are often sought after by collectors.
This is because not many of them tend to make it into circulation.
The higher the serial number the less the bank note is valued at.
It’s worth noting that the notes sold at the Spink & Son auctions are unlikely to end up in general circulation.
The auctioneer said most people who buy these rare notes are usually veteran collectors who don’t intend to resell them.
That doesn’t mean they might not crop up on eBay at some point though, so keep an eye out for them in your spare change.
Auctioneers at Spink and Son sold off some of the rare £10 notes produced by the Bank of England (BoE) in a special auction back in June.
And one banknote with the serial number HB01 000002 went for a staggering £17,000.
Four other rare £10 banknotes sold for up to £5,500.
This is what their serial numbers are:
Again, it is unlikely these bank notes will end up in circulation but it is always worth checking ebay or other bidding websites on the off chance they make an appearance.
When it comes to the £20 note, you will want to look out for notes with the EH 01 prefix, followed by a low number, like 000002 or 000003.
At a charity auction held by Spink and Son for some of the rarest £20 notes, one with the serial number EH 01 000002 sold for £7,000.
Notes featuring King Charles are also selling on eBay for anywhere from £950 to £30.
But these notes fetch a lower price because they do not have the ultra rare serial number featured on the ones in auction.
Someone stuck a £20 King Charles note up on eBay for a whopping £1,500, but its not guaranteed punters will make an offer.
According to experts at Change Checker a King Charles III £5 banknote will cost you up to £25 on the secondary market, whilst a £10 note featuring His Majesty will set you back £21.
However, it’s worth noting that bank notes and coins are only really worth what someone is willing to pay for them.
The Sun has previously published a list of rare 2p coins that could be worth up to £900.
We’ve also updated our list of the rarest and most valuable 50p pieces in circulation, including Olympics coins worth more than £200.
Keep up to date with all the rare coins and valuable notes news from The Sun.
