A rare £20 King Charles III banknote has sold at auction for £7,000.
The new banknote bearing the face of the recently crowned monarch sold at a charity auction held by Spink and Son on behalf of the Bank of England on Thursday (July 11), The Sun reported.
The new banknotes with King Charles on them began rolling out across the country last month - from June 5.
It is the first time the sovereign has been changed on the Bank of England’s notes because Queen Elizabeth II was the first British monarch to be depicted on a note back in 1960.
Existing notes featuring the portrait of the late Queen Elizabeth will continue to be legal tender - meaning the Elizabeth II and King Charles III notes will co-circulate.
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New notes will only be printed to replace worn-out ones and to meet any overall increase in demand.
Do you have a rare King Charles banknote worth up to £7,000?
It is worth keeping an eye on any new King Charles banknotes you do pick up as it could be worth a small fortune.
The serial number on the note is the key.
The Sun explains: "Each new printed banknote features a unique "serial number" used to identify it.
"The serial number starts with a four-digit prefix followed by six digits.
"There are 999,000 notes printed and put into circulation - with the six digits at the end ranging from 000001 to 999000.
"Some of the new notes making their way into pockets are worth much more than their face value due to specific serial numbers they have on them."
These are the prefixes, according to the news outlet, to look out for on each bank note which is an indicator as to whether or not they are valuable:
- £10 notes - HB 01
- £5 notes - CA 01
- £20 note - EH 01 prefix (followed by a low number like 000002 or 000003)
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Arnas Savickas, from auctioneers Spink and Son, speaking to The Sun added that serial numbers with solid blocks (for example 111111) are also worth a lot to collectors.
The charity auction held on Thursday by Spink and Son saw a rare King Charles £20 note with the serial number EH 01 000002 sold for £7,000 (350 times the amount on the note).
A range of other £20 notes were also sold at the auction ranging in price from £3,500 to £4,500.
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Rare King Charles banknote sells for £2,800 on eBay
Rare King Charles banknotes have also begun selling on eBay for thousands of pounds.
One £5 note, with the serial number CA01 000046, sold for £2,800.
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