King Charles bank notes: UK 5 and 20 pound notes featuring King sold for £1m - is there one in your wallet?

• A collection of banknotes with a face value of £78,000 sold for £914,127 at auction
• The notes were among the first to feature the new King
• They were also among the earliest issued after the new £5, £10, £20, and £50 notes entered circulation
• A sheet of £50 notes set a record by selling for £26,000, the highest lot ever sold in a Bank of England banknote auction
• A £10 note with the serial number HB01 00002 sold for £17,000

A collection of banknotes with a face value of approximately £78,000 has been auctioned off for £914,127 - a mark up of around 1072%.

The notes were among the first to feature the new King, and were some of the earliest to be issued after the new £5, £10, £20, and £50 notes entered circulation in June.

A single sheet of £50 notes sold for £26,000, setting a new record for the highest lot sold at a Bank of England banknote auction.

In the subsequent £10 auction, a single note fetched £17,000, boasting the serial number HB01 00002.

Collectors typically seek banknotes with the lowest possible serial numbers, ideally close to 00001, which explains the premium prices paid for these notes.

The auction was carried out by Spink in London, with the proceeds benefiting various charities.

How can I check for rare banknotes?

There are more than 4.6 billion Bank of England notes in circulation, worth about £82 billion. But could one in your wallet be worth more than face value to a collector?

Low serial numbers (e.g., 000001 or close) are often highly sought after. Unique or interesting serial numbers, such as those with repeating digits or patterns, can also increase a note's value.

The note’s physical condition is also crucial. Collectors prefer notes in pristine or uncirculated condition, so look for notes that are clean, crisp and free from folds, creases, stains, or other damage.

Notes with misprints or errors, such as missing denominations, off-centre printing or unusual colour variations, can be quite valuable due to their rarity.

But it’s not just the newer King Charles III banknotes that could be worth more than the number printed on them.

Notes from specific historical periods, especially those with significant changes in design or those commemorating special events, can be worth more.

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 £1 paper note.

If you suspect you have a valuable note, it might be worth consulting with a professional appraiser or a reputable numismatist to get a precise evaluation.

Notes that have been certified or graded by professional organisations can often command higher prices, as certification provides an independent assessment of a note’s condition and authenticity.

And finally, be aware that the demand for certain types of notes can fluctuate - researching recent sales, auction results and trends in the collector's market can give you a sense of what’s valuable.

Have you ever come across a banknote that you think might be valuable or rare? Share your finds, thoughts or questions in the comments section.