King Charles banknotes go for 11 times face value |BBC LONDON | BBC NEWS
Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions. #BBCnews #BBCLondon #BBCnewsbreaking #BBCLondon #BBCbreakingnews #BBC #BBCnewslive #BBClivenews #BBCtransmissionlive
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00:00Banknotes with a face value of £78,430 have raised more than 11 times that amount for
00:06charity following a series of auctions. New £5, £10, £20 and £50 notes featuring King
00:14Charles III entered circulation in June. He received a full set of the first issues,
00:20each with a serial number ending 000001 but hundreds of other low serial numbered banknotes
00:26went under the hammer. One single £10 note with the serial number HB01-00002 sold for £17,000
00:34during bidding for £26,000. That was a record for any Bank of England auction. The four sales
00:42run by auctioneers Spink in London raised £914,127 in total. Collectors seek banknotes
00:51which come as close to the 000001 serial number as possible, hence the large amounts raised.
00:57When the notes entered circulation in June, the Post Office reported collectors visiting branches
01:03which had stocks of the notes during the first day. There was also an early queue outside the
01:08Bank of England in London. Sarah John, the bank's chief cashier, whose signature is on the notes,
01:15said she was, thrilled, that such such a, remarkable, amount was raised.
01:21It is the first time the monarch has changed on Bank of England notes,
01:25because Queen Elizabeth II was the first to routinely appear on Bank of England banknotes
01:30from 1960. The monarch does not feature on banknotes in Scotland. Although the use of
01:36notes and coins is declining, the number of people mainly using cash for day-to-day spending hit a
01:42four-year high during the cost-of-living crisis, according to banking trade body UK Finance.
01:48Post offices also reported handling a record amount of cash in July,
01:52with transactions totalling £3.77 billion.