A collection of some of the earliest King Charles III banknotes have been sold at auction for more than £900,000.

Over four separate auctions at Spink & Son, lots containing some of the earliest King Charles £5, £10, £20 and £50 banknotes went up for auction, raising £914,127 in total.

The notes had a face value of around £78,000, meaning they raised more than 11 times of their monetary worth.

They were among the earliest notes featuring the King’s face that were released with low serial numbers and went into circulation in June.

It’s these serial numbers that collectors look for, trying to get as close to 00001 as they can find.

The proceeds of the auctions were split between ten separate charities, with each receiving £91,400.

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When a £50 sheet sold for £26,000 it broke the record for the highest lot sold in a Bank of England auction.

A single £10 note sold for £17,000 with the serial number HBO1 00002.

Although the Bank of England started to produce banknotes in the 17th century, the King’s mother, the late Queen Elizabeth II, was the first British sovereign to be given the honour in 1960 on a £1 paper note.

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Sarah John, chief cashier and executive director of banking at the Bank of England, said: “I am thrilled that the auctions and public ballot of low numbered King Charles III banknotes have raised a remarkable £914,127 that will be donated to ten charities chosen by Bank of England staff.”

She added: “Each charity does incredible work and the monies raised will have a positive impact on people across the UK.”

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