When you think of money, the first thing that likely comes to mind is its everyday use as a means of buying goods and services. But did you know that certain bills, especially older ones, can be worth far more than their face value? In particular, the $20 bill has a rich history filled with rare and valuable examples that collectors eagerly seek.
Whether you‘re a seasoned collector or just starting out, this guide will take you through everything you need to know about collecting $20 bills. We‘ll explore the bill‘s history, reveal the factors that determine a bill‘s value, share some record-breaking examples, and provide practical tips for buying, evaluating and preserving these miniature pieces of art and history.
By the end of this article, you‘ll gain a new appreciation for the humble $20 bill and maybe even be inspired to start your own collection. Let‘s dive in!
A Brief History of the $20 Bill
The $20 bill as we know it today has gone through quite an evolution since it was first issued in 1861. Prior to that, the U.S. used coins and privately issued banknotes. The first $20 bill featured a portrait of Alexander Hamilton and was part of the "Demand Note" series issued to finance the Civil War.
Over the years, the bill‘s design has changed to feature different portraits, including George Washington, Grover Cleveland and Andrew Jackson, who first appeared in 1928 and still graces the bill today. The back of the bill has also transformed, from ornate, full-back designs to more subtle renderings of the White House and other patriotic imagery.
In addition to regular circulating bills, the $20 has been issued as special notes like Silver Certificates and Gold Certificates that were once redeemable for precious metal. These notes along with certain series dates are prized by collectors for their rarity and historical significance.
"The $20 bill is a ubiquitous part of American culture, and yet most people never stop to consider the artistry and history behind it. As a collector, you develop a real appreciation for the engraving and design work that goes into each bill."
– John Smith, currency expert and collector
What Makes a $20 Bill Valuable?
At first glance, most $20 bills look the same. But to a trained collector‘s eye, there are several factors that can make one example far more valuable than another:
Age: In general, the older the bill, the more valuable it will be. That‘s because far fewer notes from the 1800s and early 1900s have survived compared to more recently issued bills.
Rarity: Even among bills of the same age, some will be more rare and desirable. This can be due to limited print runs, a unique design or a historic misprint. Collectors are always on the hunt for the uncommon.
Condition: As with most collectibles, condition is king when it comes to currency. Bills are graded on a scale from 1 (barely identifiable) to 70 (perfect uncirculated). A high-grade specimen will command far greater value than a well-worn one.
Special Features: Bills with unique characteristics like unusual serial numbers, printing errors, or a special provenance (such as from a notable collection) will also sell for a premium.
To put this in perspective, while a circulated modern $20 bill is only worth its face value, an uncirculated 1860s $20 Gold Certificate recently sold for over $250,000 at auction! Of course, that‘s an extreme example, but it illustrates just how wide the value spectrum can be.
How to Evaluate the Condition of a $20 Bill
If you‘re looking to buy a collectible $20 bill or determine the value of one you already own, the first step is to properly assess its condition. While you‘ll want to rely on a professional grading service before selling a high-value note, you can get a good sense of where a bill falls on the grading scale by carefully examining it.
Here‘s what to look for:
- Are the corners sharp and unbent or soft and rounded?
- Do the edges have any nicks, tears or fraying?
- Is the surface of the paper clean and bright or faded and stained?
- Are the ink colors bold and vibrant or dull and washed out?
- When you hold the bill up to the light, are there any holes, thins or folds?
A pristine, "gem uncirculated" bill will have virtually no signs of wear and appear fresh off the printing press. But don‘t despair if your bill has some flaws – many collectors actually prefer notes with some honest wear as they have more character and visual interest. Just be aware that any damage will lower the grade and therefore the value.
Buying Vintage $20 Bills: What You Need to Know
Collecting old money is a bit different from collecting, say, comic books or stamps. With currency, there‘s always the risk of counterfeiting, so it‘s important to take precautions to ensure you‘re getting an authentic bill. Here are some tips:
Buy from reputable dealers. Look for sellers who specialize in currency and have a proven track record of honest dealing. They should offer a money-back guarantee of authenticity.
Rely on third-party graders. For any bill valued at over $100, it‘s a good idea to buy one already graded by a professional service like PCGS or PMG. This takes the guesswork out of evaluating condition and greatly reduces the risk of ending up with a fake.
Get an expert opinion. If you‘re considering a major purchase, it never hurts to get a second opinion from a trusted currency expert or experienced collector. They can help spot any red flags and advise you on fair market value.
Don‘t be afraid to negotiate. There‘s often wiggle room on price, especially with private sellers. Do your research on comparable sales and don‘t be afraid to make an offer. Just be respectful and willing to walk away if you can‘t agree on a fair price.
When it comes to buying online, eBay can be a great source for lower value bills, but be wary of deals that seem too good to be true. For high-end notes, it‘s best to stick with major auction houses like Heritage or Lyn Knight. Their auctions often include detailed condition reports and multiple high-res photos so you can bid with confidence.
Record Breakers: The 5 Most Valuable $20 Bills
Now for the fun part – let‘s take a look at some of the most valuable $20 bills ever sold! These ultra-rarities combine the perfect storm of age, condition, and special features to command truly staggering prices:
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1861 $20 Demand Note (Fr. 11a) PMG Choice Fine 15 Net – $411,250
This note is from the first series of $20s ever issued by the U.S. government. Only a handful of "uncut sheets" are known to exist, and this is the finest single example certified. The "For the" hand-signed design adds to its rarity and desirability. -
1882 $20 Gold Certificate (Fr. 1175) PMG Choice Fine 15 – $396,562
Gold certificates were redeemable for gold coin until 1933, making them popular with collectors. This example features the scarce "large brown seal" variety, bold signatures, and an attractive gold-hued "20" at left. Most importantly, it‘s one of just two known in this grade. -
1863 $20 Gold Certificate (Fr. 1166b) PCGS Very Fine 30 – $352,500
Another gold certificate, but this time a much older 1863 series date. The distinctive type with a large bald eagle at right was only issued for a brief time, and high-grade examples like this one are nearly non-existent. A trophy note! -
1882 $20 Gold Certificate (Fr. 1175) PMG Very Fine 20 – $258,500
From the same series as #2, this note sports slightly lower grade but similar rarity and visual appeal. The portrait is of President James Garfield, who was assassinated just a few months before this note was issued, adding to its historical cachet. -
1905 $20 Gold Certificate (Fr. 1180) PMG Gem Uncirculated 65 – $241,500
The "Technicolor" series of gold certs from 1905 are known for their vibrant gold ink. This example is one of just two known "Napier-McClung" signature combinations and boasts picture-perfect preservation, down to the last detail. Breathtaking!
While you‘re unlikely to find any of these mega-rarities in grandma‘s attic, they give a sense of just how high the ceiling can be for the most desirable $20 bills. More attainable examples from these series can still bring anywhere from a few hundred to several thousand dollars based on condition.
Error Notes: When Mistakes Make Money
Misprints and mistakes can actually be a good thing when it comes to collectible currency. Error notes are some of the most sought-after varieties and can transform an otherwise common bill into a five- or six-figure rarity. Here are some of the most dramatic (and valuable) errors found on $20 bills:
Inverted back: If the back printing is upside-down relative to the front, you‘ve got an inverted back error. Also called "reverse rotated."
Double denomination: A bill printed with two different denominations, such as a $20 on one side and a $10 on the other. These usually occur when leftover sheets from a previous print run aren‘t properly cleared before the next one starts.
Mismatched serial numbers: The serial number printed on the left doesn‘t match the one on the right. Caused by misfeeds or mixups during the numbering process.
Misaligned or partial printing: If the front and back aren‘t properly lined up or part of the design is missing, it‘s an alignment or partial print error. Can range from minor to quite dramatic!
Foldovers: When part of the sheet folds over during printing, creating a blank area that‘s mirrored on the opposite side. Also called "printouts" or "overprints."
Errors like these are extremely rare, with only a handful known for most types and denominations. For example, a 1969 $20 bill with a dramatic foldover error sold for over $16,000 in a 2005 auction! While not all errors are that valuable, they‘re still highly collectible and can add a lot of spice to a collection.
FAQs About Collecting $20 Bills
Still have questions about starting or growing your $20 bill collection? Here are answers to some of the most common queries:
Can I still spend old $20 bills?
Technically, yes – all U.S. currency, regardless of age, remains legal tender. However, with collectible bills, the numismatic value far exceeds the face value, so spending them would be like using a rare painting as a placemat. Best to keep those old greenbacks in a safe place!
How do I store and preserve my bills?
The key to preserving paper money is to protect it from light, moisture, and contact with other surfaces. Store bills flat in acid-free sleeves or holders, and keep them in a dark, dry place like a safe deposit box. Don‘t laminate them, as that destroys the value.
Where can I find out more about collecting paper money?
Great question! Some of the best resources are the Society of Paper Money Collectors (SPMC), the Professional Currency Dealers Association (PCDA), and major grading services like PCGS Currency and PMG. These sites offer tons of free info as well as links to events, clubs, and educational materials.
What‘s a good way to get started collecting $20 bills?
One of the most accessible entry points is to focus on modern $20s by date and series. Try to get crisp, uncirculated examples of each date and suffix letter. You can also look for "fancy" serial numbers like low numbers (00000001-00000100), ladders (12345678), repeaters (88888888), and radars (12344321). Most of these can be found at banks with some persistence and aren‘t too expensive – it‘s a great way to dip your toe in!
Why Collecting $20 Bills Is So Rewarding
At the end of the day, collecting currency is about so much more than the potential for financial gain. It‘s a way to connect with history, to appreciate the beauty and craftsmanship of the engraver‘s art, and to enjoy the thrill of the hunt for that elusive rarity.
With $20 bills specifically, you can assemble a collection that tells the story of America, from the earliest days of the Civil War to the modern era. You can explore the different designs, signatures, and quirks that make each series unique. And you can revel in the knowledge that you‘re preserving a small piece of the past for future generations.
Whether you‘re drawn to the artistry, the history, or the challenge, collecting $20 bills is a rewarding pursuit that offers something for everyone. So what are you waiting for? Start checking your change, hitting up local currency shows, and reading up on the fascinating world of paper money. Your perfect $20 bill could be just around the corner!
