Britons are being encouraged to take a close look at any new banknotes they receive, as certain ones featuring King Charles III could be worth a small fortune to collectors. According to a specialist, notes with exceptionally low serial numbers might command prices as high as £1,000.
What Makes a Banknote Valuable?
The key to identifying a potentially valuable note lies in its serial number, located on the bottom right-hand corner of the back. An expert known as the Coin Collecting Wizard explained the details in a recent TikTok video, highlighting that the lower the serial number, the more valuable the note tends to be. This applies to the new £5, £10, and £20 denominations featuring the King's portrait.
He told the Mirror: "Did you know there are now King Charles banknotes in circulation and there is a serial number on them that could make it very rare and valuable?" The expert noted that low serial numbered notes from new issues are of huge interest to collectors, a trend also seen on the older Queen Elizabeth II notes.
Serial Numbers to Hunt For
The most sought-after notes are typically from the first printed batches. The specialist provided clear guidance on what collectors desire most:
- Notes with very low serial numbers, especially those beginning with 'AA' or the digit '1'.
- Notes featuring repeating patterns like '123456' or '11 11 11 11'.
- Palindromic numbers, such as '2002'.
- Numbers with personal or historical significance, like the King's birthday.
He gave specific examples of valuable serial numbers, including 123456, AA01, 22222222, and 1000003. According to his estimates, a £5 note with the lowest serial number could fetch between £250 to £500, while rare £10 and £20 notes might sell for £500 and £1,000 respectively.
The Bank of England's Role and Collector Market
The Bank of England officially acknowledges the significance of serial numbers to collectors. On its website, it states: "Ignored by many, the serial numbers on our banknotes are one of a number of features that can spark huge interest among banknote collectors."
The Bank holds back some of the first printed notes with low or symbolic serial numbers, donating them to people and institutions involved in the note's development. These special notes often later appear at charity auctions, where they can achieve remarkable sums. For instance, a 2020 sale of newly issued £20 notes raised an impressive £143,420.
It is important to note that the introduction of the new monarch's portrait is the only change to the existing designs of £5, £10, £20, and £50 notes. They will be issued to replace damaged or worn older ones. The Bank confirms that notes featuring Queen Elizabeth II will remain legal tender and can still be used by shoppers.
