In a significant philanthropic effort, the Bank of England recently announced that auctions featuring the first series of banknotes featuring the portrait of King Charles III successfully raised £914,127 (about $1.17 million) for various charities. These auctions, which included £5, £10, £20 and £50 notes, were held throughout the summer and saw considerable bidding activity.
A highlight of the auctions was the sale of a £50 note, which fetched a record £26,000, while a £10 note with serial number HB01 00002 sold for an impressive £17,000. The proceeds from these auctions were distributed among the Bank of England’s designated ‘Charities of the Year’ along with seven other charities that had not benefited from such a fundraiser since 2016.
The charities benefiting from the grant focus on a wide range of causes, from supporting physical and mental health initiatives to helping children in poverty, fighting hunger, protecting the environment and supporting animal welfare. Each charity received an equal share of the proceeds, amounting to just over £91,400 each.
The new banknotes, which will begin circulating on 5 June 2024, mark a historic transition as they are the first to feature a monarch since Queen Elizabeth II, whose portrait has been a mainstay of the British currency since 1960. The notes were first unveiled to King Charles III at Buckingham Palace in April 2024 and feature not only the King’s portrait but also retain familiar elements, including famous UK historical figures such as Winston Churchill and Jane Austen.
The design features a prominent image of King Charles on the front and in the transparent security window. The Bank of England has indicated that these new notes will be issued to replace worn-out currency and to meet any increase in demand, while notes featuring Queen Elizabeth II will continue to be legal tender.
This initiative not only ushers in a new era in British money, but also supports a range of charitable causes, demonstrating a unique fusion of tradition and social responsibility.