On the launch day in June, long queues formed at the Bank for the new notes, and listings for them quickly appeared on eBay at inflated prices.

Despite a decline in cash usage, post offices reported handling a record £3.77 billion in cash transactions in July 2023, indicating a rise in cash usage amid the cost of living crisis.

The King Charles III banknotes entered circulation for the first time in June, marking a significant change as they are the first to feature a monarch other than Queen Elizabeth II since 1960.

Banknotes featuring Queen Elizabeth II continue to hold legal tender status, even as new notes featuring King Charles III gain popularity.

Each of the ten charities benefitting from the auction proceeds will receive £91,400, which could supply approximately 7,600 food parcels through organizations like the Trussell Trust.

Sarah John, the chief cashier at the Bank of England, expressed enthusiasm about the significant amount raised for charities, highlighting the positive impact of the auctions.

A remarkable auction featured a £10 note with the serial number HB01 000002, which sold for an astonishing £17,000, significantly exceeding its face value.

Overall, auctions of low serial number banknotes featuring King Charles III raised an impressive £1.17 million for charity, with the funds benefiting ten selected organizations.

Spink & Sons conducted four auctions over the summer, showcasing a strong demand for the newly circulated £5, £10, £20, and £50 notes.

The total face value of the notes sold in the auctions was approximately £78,000, with King Charles receiving a special set of notes featuring the serial number 00001 before they were circulated.

Auctioneers Spink in London reported total sales from four notes reaching £914,127, driven by collector interest in low serial numbers.