During the early 20th century, $20 bills underwent significant changes in design, backing, and issuance, making some bills from the 1920s highly collectible today. Several of these notes have become valuable due to their rarity, historical importance, and condition. The period witnessed the use of various banknotes, including National Bank Notes and Gold Certificates, which are now prized by collectors. This guide covers seven rare $20 bills from the 1920s that could be worth substantial amounts, depending on their condition and unique features.
1. 1920 $20 National Bank Note
The 1920 National Bank Notes were issued by numerous banks across the U.S., leading to many variations. The value of these notes largely depends on the issuing bank, with those from smaller, less well-known institutions often being more valuable due to their scarcity. Typical features include a blue seal and a portrait of Hugh McCulloch, the 27th Secretary of the Treasury. Pristine notes from smaller banks can sell for over $2,000, while those from larger banks or with wear may be valued lower.
2. 1922 $20 Gold Certificate
Gold Certificates were a form of paper currency backed by gold, allowing holders to redeem them for their equivalent gold value. Among these, the 1922 series is particularly popular. The certificates have distinctive designs, with a yellow seal and large-size format. Their value can range from $150 to over $1,000, depending on condition and serial number uniqueness. An uncirculated 1922 $20 Gold Certificate can fetch a premium, making it a highly sought-after piece for collectors.
3. 1928 $20 Federal Reserve Note (Small Size)
The 1928 series marked the introduction of the smaller-sized $20 bills, which are closer to the dimensions used in modern U.S. currency. Collectors often look for bills with special serial numbers, such as low numbers or “star notes,” which indicate a replacement note. Well-preserved 1928 $20 Federal Reserve Notes can be worth between $200 and $1,000. The condition plays a significant role in determining the note’s value, with pristine examples commanding higher prices.
4. 1922 $20 Large Size Blue Seal Note
Before the transition to smaller currency in 1928, large-size Federal Reserve Notes, including the 1922 $20 Blue Seal, were in circulation. These notes are notable for their large size and distinctive blue seals, along with historical imagery. The demand for these notes stems from their unique design and historical significance. Values for a 1922 $20 Blue Seal Note can reach up to $2,000, depending on condition and the issuing bank’s rarity.
5. 1922 $20 Federal Reserve Note
Similar to the Blue Seal Notes, other 1922 Federal Reserve Notes were also widely circulated during this period. However, some were produced in limited quantities, particularly those issued by lesser-known Federal Reserve Banks. The scarcity of such notes significantly influences their value, which can range from $300 to over $1,500 for well-preserved examples. The bank of origin and the note’s condition are crucial factors for collectors.
6. 1920 $20 Gold Certificate “Date Back”
The “Date Back” series is a variation of the $20 Gold Certificate that features the year of the issuing bank’s charter printed on the reverse. This design element was only used for a brief period, adding to the rarity of these notes. High-quality “Date Back” Gold Certificates from the 1920s can command prices between $3,000 and $5,000, depending on their preservation and unique features like special serial numbers.
7. 1929 $20 National Bank Note (Small Size)
The 1929 series represented a significant shift to smaller-sized currency, a format that remains in use today. These notes were issued by various national banks, with the issuing bank’s name printed on the bill. The rarity of a 1929 $20 National Bank Note often hinges on the issuing bank’s prominence, with notes from smaller or defunct banks being particularly valuable. In mint condition, these bills can sell for up to $3,000.
Collecting these rare $20 bills from the 1920s offers a unique glimpse into the monetary history of the United States. Whether you are a seasoned collector or just starting, finding one of these valuable notes could be a profitable venture. Keep an eye on old bills you come across, as they might be worth far more than their face value.
Why are some $20 bills from the 1920s so valuable?
Certain $20 bills from the 1920s are considered valuable because of their rarity, historical significance, and condition. Limited production, unique designs, and the issuing bank can significantly affect the note’s worth.
How can I determine the value of a 1920s $20 bill?
The value depends on several factors, including the note’s condition, rarity, issuing bank, and unique features like serial numbers or star notes. Having the bill appraised by a currency expert is recommended for an accurate valuation.
What is a “star note,” and why does it increase a bill’s value?
A “star note” is a replacement bill issued when a note from the original print run is damaged or misprinted. These notes often have a star symbol next to the serial number, making them rarer and more desirable to collectors.
