New Churchill fiver sells for £4,150 at a Bank of England charity auction - that's inflation of 82,900%!
- Charity auction in London sees Churchill fiver sell for £4,150
- The note has a low serial number - AA01 000017
- The £5 notes have become highly sought after by collectors
A new polymer £5 note featuring Winston Churchill sold for £4,150 at a Bank of England charity auction on Monday.
The note carries the serial number AA01 000017, making it the lowest available to the public according to auctioneers Spink. It had carried an estimate of £1,200 previous to the auction.
The £5 note was lot one at the event being held in London. The next lot, with serial number AA01 000018, sold for £2,400 – some £1,700 above the estimate.
Charity auction: The AA01 000017 £5 note sold for £4,150 at the London auction
Lot three, a £5 note with serial number AA01 000019, sold for £2,000, £1,300 ahead of its estimate.
Jesse McClure, who stars in television series Storage Hunters, won lot four, a five pound note carrying the serial number AA01 000020 for £1,200.
Many lots in the auction sold for more than double the estimate – you can see the auction here. There are 232 lots.
People could bid on the notes at the auction but also online. It is believed there was much interest from the U.S because of Churchill being a well-known face across the Atlantic.
Three charities will benefit from the auction - The Myotubular Trust, The Lily Foundation and Bliss. These were chosen by staff at the Bank of England.
It comes after This is Money revealed two weeks ago that notes with serial numbers starting with the prefix AA01 have become collectors' items selling for hundreds of pounds on online marketplace eBay.
The first note is AA01 000001 which was donated to the Queen. Meanwhile, the Churchill War Rooms has been donated the note AA01 001945.
The Bank of England donated some notes with significant or low serial numbers to people and institutions who were involved in the development, or traditionally receive one when a new series is issued.
There are 999,999 new fivers with the AA01 prefix.
The notes, launched in mid-September, are proving popular with collectors looking for ones with low serial numbers while they are still in good condition.
The new fivers, launched in mid-September, are proving popular with collectors looking for ones with low serial numbers while they are still in good condition
The first batch from the presses will carry a serial number starting AA01, followed by a six-digit number. These are the ones selling for vast sums.
The notes are the first to be made by the Bank of England out of polymer, a thin flexible plastic film which the Bank says is cleaner, stronger and more secure.
It will print 440million of the notes, which can last around five years longer than paper note, which will be phased out.
They feature prison reformer Elizabeth Fry and can be used in shops until it is withdrawn from circulation in May 2017.
The new £5 note paves the way for a new generation of security features, making the note harder to counterfeit, the Bank of England claims.
They include a see-through window featuring the Queen's portrait as well as Big Ben shown in gold foil on the front of the note and silver on the back.
The new notes are also 15 per cent smaller than the ones currently used.
Novelist Jane Austen will be the face of the new £10 note from summer 2017, while artist JMW Turner will appear on the next £20 banknote, due to be issued by 2020.
Like the Churchill fiver, the new £10 and £20 notes will also be printed on polymer.
In his first speech to the new administration in 1940, Winston Churchill declared: 'I have nothing to offer but blood, toil, tears and sweat' - words which are depicted on the new £5 note.