First of Britain's new banknotes sell for over £900k in record auction

The first few banknotes from the Unted Kingdom's new banknotes were recently sold off in a record auction of 11 times more than their face value.

The new banknotes, with a face value of £78,430, have generated an astounding £914,127 for charity after being auctioned off in a series of successful sales.

The new £5, £10, £20 and £50 notes, featuring King Charles III, were introduced into circulation in June.

According to the BBC, while the monarch received a complete set of the first issues, which included banknotes with a serial number ending 000001, numerous other low serial numbered banknotes were auctioned.

The £10 note bearing the serial number "HB01 000002" fetched an impressive £17,000 during the bidding while a sheet of 40 connected £50 notes, with a face value of £2,000, sold for £26,000, setting a new record for any Bank of England auction.

The record-breaking auction conducted by London-based auctioneers, Spink, is accredited to the collectors who are after banknotes which bear the closest serial number to "000001".

When the notes entered circulation in June, collectors visited branches which had stocks of the notes during the first day and the Bank of England even had a long queue outside, the BBC reported citing the Post Office.

Sarah John, the Bank's chief cashier — whose signature is featured on the notes — was "thrilled" at the "remarkable" amount that the auction was raised which will be shared equally between 10 charities chosen by the Bank.

It is the first time the monarch on the Bank of England notes has changed, because Queen Elizabeth II was the first to routinely appear on Bank of England banknotes since 1960. 

However, the banknotes in Scotland do not feature the monarch.