The $20 bill, featuring Andrew Jackson, is one of the most widely circulated denominations in the world. However, in the realm of paper money collecting, the “Jackson” holds secrets that can turn a standard twenty into a multi-thousand-dollar asset. From the 1928 Gold Certificates to the WWII Hawaii Emergency Overprints, the history of the small-size $20 bill is a story of economic shifts and wartime necessity.

While most modern $20 bills are worth only their face value, specific series letters, seal colors, and “Star” replacement marks drive incredible premiums for collectors.

How Banknotes Are Graded

Because $20 bills represent a higher face value, fewer people hoarded them during the Great Depression compared to $1 or $2 bills. This makes high-grade “Gem” examples from the 1928 and 1934 series much rarer than smaller denominations.

• Average Circulated (VF to EF): These notes show honest signs of use. A Very Fine (VF) note may have several folds and light smudging, while an Extremely Fine (EF) note is nearly new with only 1–3 light vertical folds. Both must have a semi-crisp surface and zero tears.

• Uncirculated (UNC / CU): Often called “Crisp Uncirculated,” these are flawless. They have never been folded, have zero handling marks, and feature sharp, square corners.

• Gem Uncirculated: These are the elite “Top Pop” notes. They possess perfect centering, exceptional paper quality (EPQ), and original ink shimmer. Collectors pay massive premiums for Gem-graded notes to complete registry sets.

Pro Tip: Look for the Star (★) in the serial number. These are replacement notes issued in tiny quantities when a sheet is damaged during printing.

🔗 Check your Star Note rarity here: Star Note Lookup and Mintage Data

$20 Banknote Valuation Chart (Small Size)

Values represent market averages. National Bank Notes (Brown Seals) from specific small towns can be worth significantly more than the listed averages.

High-Value $20 Rarities to Watch For

1. The 1928 Gold Certificate (Gold Seal)

These notes are instantly recognizable by their vibrant Gold Seals and serial numbers. Before 1933, you could walk into a bank and exchange this $20 bill for a $20 gold coin. When the U.S. went off the gold standard, these were recalled, making high-grade survivors highly valuable to history buffs.

2. The WWII Hawaii Overprint (Brown Seal)

Issued after Pearl Harbor, these notes feature “HAWAII” printed on the front and back. Because $20 was a large amount of money in the 1940s, fewer of these were saved in “Uncirculated” condition compared to the $1 Hawaii notes. A “Gem” $20 Hawaii note is a major prize, often fetching over $1,000.

3. The 1928C Green Seal (Key Date)

While most 1928 Federal Reserve Notes are common, the Series 1928C is a difficult variety for collectors. In Uncirculated condition, it is one of the “Key” $20 notes of the small-size era, with values easily crossing the $1,000 mark.

4. Modern Fancy Serials and Star Notes

Modern $20 bills (1990–Present) are usually worth face value, but look for:

• Radars: Serial numbers like 20200202.

• Low Serials: Numbers under 00000500.

• Short-Run Stars: Star notes from print runs of 320,000 or less.

🔗 Lookup your modern Star Note run size: Star Note Lookup and Mintage Data

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