INFLATION – when each pound buys you less – is generally deemed a bad thing, particularly if you’re the Bank of England tasked with keeping it at just two per cent.
But at last night’s charity auction of Bank of England banknotes with low serial numbers, inflation was all the rage. The higher the better in fact, with all the proceeds going to the Bank’s two chosen charities: the Kids Company and the British Association for Adoption & Fostering.
The most lucrative bidding on the night centred on a sheet of £50 notes – 35 in fact – all featuring the Whitbread steam engine. After a frenzy of hands, it ultimately sold for a staggering £5,500 – over double the guide price, and three times the face value of the notes.
But there were some cheaper lots on offer too – with several single £50 notes bearing the signature of chief cashier Chris Salmon going for a mere £100 – only double the face value.
In total, according to the Capitalist’s rough calculations, the auction made a hefty £84,735 – more than tripling the £25,105 made at the Bank’s last banknotes charity auction in 2007.