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.

Series	Seal Color	Note Type	Circulated (VF/EF)	Uncirculated (UNC)	Star Note (UNC)
1928	Gold	Gold Certificate	$30 – $85	$250 – $600	n/a
1928, A	Green	Fed Reserve	$30 – $65	$125 – $160	$500 – $1,200
1928B	Green	Fed Reserve	$20 – $50	$75 – $100	$400.00
1928C	Green	Fed Reserve	$65 – $200	$1,000+	Rare
1929	Brown	Nat. Currency	$22 – $50	$120+	$250+
1934	Brown	Hawaii WWII	$50 – $150	$1,000+	$2,000+
1934A	Brown	Hawaii WWII	$30 – $60	$900.00	$2,000+
1934-D	Green	Fed Reserve	$20 – $35	$40 – $75	$300 – $500
1950 (A-E)	Green	Fed Reserve	$20 – $25	$50.00	$300+
1963-1995	Green	Fed Reserve	Face Value	$25 – $40	$35 – $60
1999-Pres.	Green	Fed Reserve	Face Value	$20 – $22	$21 – $35

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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