For paper money collectors, 1934 $20 bills hold a special allure. As some of the earliest small-size $20 notes issued by the U.S. government, these bills represent an important part of American currency history. Certain series and varieties are also exceedingly rare today, making them very valuable.
If you have a 1934 $20 bill, how much is it worth? The answer depends on which series it is, its condition, and other key factors. In this guide, we‘ll take an in-depth look at the most valuable types of 1934 twenties and explain how to determine if yours is worth a premium.
History of the 1934 $20 Bill
The year 1934 was a pivotal one for U.S. currency. That was when the government transitioned away from the old large-size notes to the modern small-size bills we use today. The Bureau of Engraving and Printing issued the first small-size $20 Federal Reserve Notes in 1934, featuring a portrait of Andrew Jackson on the front and a vignette of the White House on the back.
Over the course of 1934 and subsequent years, a few different series of the $20 bill were issued with minor variations:
- 1934 (first issue)
- 1934A
- 1934B
- 1934C
- 1934D
The differences between these series are indicated by the signatures of the Treasury officials on the bills. The 1934 and 1934A have the same officials, while the later series have different signature combinations.
In addition to these regular issues, special emergency currency $20 bills with brown seals and serial numbers were printed for Hawaii in 1934 and 1934A. The government issued these notes with "HAWAII" overprinted on both sides so they could easily be declared worthless if Hawaii fell to the Japanese in World War II. Far fewer of the Hawaii notes were printed compared to regular issues.
What Makes a 1934 $20 Bill Valuable?
Not all 1934 $20 bills are valuable. Heavily circulated notes with creases, folds, stains or tears are worth little beyond their $20 face value. But 1934 twenties with some key features can be worth large premiums to collectors:
Scarce Varieties
In general, all 1934 $20 bills are scarcer than later $20 notes from the 1940s-1960s. But some varieties are especially rare, in particular:
- 1934 and 1934A Hawaii $20 bills (estimated print run of only 35,052,000 total for both series)
- "Star notes" from any series (replacement notes with a star at the end of the serial number)
Regular issue 1934 $20 bills are more common, but certain district seals and block letters can still command a premium depending on condition.
Premium Condition
For any series of 1934 $20, examples in pristine uncirculated condition will be worth the most. Notes are graded by services like PCGS and PMG on a 70-point scale. "New" notes with no signs of circulation grading from 60-70 are the most desirable.
Lightly circulated notes in the higher end of the 40-59 "extremely fine" range can also sell for strong prices. The better the condition, the more valuable a note will be.
Special Serial Numbers
Collectors prize 1934 $20 bills with interesting or significant serial numbers, such as:
- Low serial numbers (especially 1-100)
- Solid serial numbers (e.g. 11111111)
- Repeaters (e.g. 32323232)
- Radar/palindrome numbers (e.g. 24688642)
- Ladder numbers (12345678 or 87654321)
Notes with these "fancy" serial numbers are very rare and often sell for large sums when they come to auction.
Error Notes
1934 $20 bills with printing errors and irregularities are also highly collectible. Examples of valuable errors include:
- Mismatched or misaligned serial numbers
- Overprints or overinking
- Obstruction or "butterfly" folds causing blank sections
- Gutter folds or cutting errors
Pricing for error notes varies widely based on the nature and severity of the mistake. Major errors on an otherwise nice note can easily make it worth hundreds or thousands of dollars.
List of the Most Valuable 1934 $20 Bills
Here are some of the highest prices realized at auction for 1934 $20 bills in recent years:
- 1934A $20 Hawaii star note (Fr. 2305*) graded PCGS MS-67 PPQ sold for $40,800 in 2021
- 1934A $20 Hawaii star note (Fr. 2305*) graded PMG Choice Uncirculated 64 EPQ sold for $21,850 in 2019
- Pair of 1934/1934A $20 Hawaii star notes (consecutive serial numbers) graded PCGS Choice About New 55PPQ sold for $18,212 in 2020
- 1934 $20 Hawaii star note (Fr. 2304*) graded PCGS Apparent Choice About New 55 sold for $14,100 in 2021
- 1934 $20 Hawaii note (Fr. 2304) graded PMG Gem Uncirculated 66 EPQ sold for $13,800 in 2020
- 1934A $20 Hawaii star note (Fr. 2305*) graded PCGS Apparent Choice About New 55 sold for $11,162 in 2022
- 1934D $20 narrow star note (Fr. 2058-D*) graded PMG Superb Gem Uncirculated 67 EPQ sold for $3,055 in 2021
Notice that Hawaii and star notes dominate the highest echelons of 1934 $20 bill values. Regular issues can still sell for thousands in crisp uncirculated condition. In circulated condition, regular series notes generally max out at a few hundred dollars.
How to Tell if You Have a Valuable 1934 $20 Bill
Think you might have a valuable 1934 $20 note? Here‘s how to tell:
1. Check the series. The series year is printed on the left side of the face. Remember that 1934 and 1934A Hawaii notes are the rarest.
2. Look for a star. A star symbol at the end of the serial number indicates a coveted star note.
3. Examine the serial number. See if the serial number is low (1-100) or matches any of the fancy number patterns listed earlier.
4. Check for errors. Are the serial numbers mismatched? Is the printing or cutting irregular? Errors can make even a circulated regular issue note very valuable.
5. Evaluate the condition. Uncirculated notes with original crispness and no folds, creases, tears or stains are the most prized. Bright colors and embossing are also good signs.
If your 1934 $20 bill has any of these key features, it‘s worth getting it evaluated by a currency grading service like PCGS or PMG. They can authenticate it and assign an official grade. You can then consult their price guides or look at recent auction records to determine a fair market value for your note.
Frequently Asked Questions
Q: What is special about the 1934 $20 Hawaii notes? Why are they so valuable?
A: The 1934 and 1934A Hawaii overprint notes were issued as special emergency currency during World War II. They have brown seals and serial numbers and "HAWAII" printed on both sides. Far fewer of them were printed compared to regular 1934 notes, so their rarity makes them especially valuable to collectors today.
Q: Is a 1934 $20 gold certificate worth anything?
A: No, there‘s no such thing as a 1934 $20 gold certificate. The last series of $20 gold certificates was issued in 1928.
Q: Are misprinted or error 1934 $20 bills worth a lot?
A: In most cases yes, error notes from any series are highly sought after by collectors. The value depends on the type and magnitude of the error. Major misprints can make a $20 bill worth hundreds or even thousands of dollars.
Q: Where can I sell a valuable 1934 $20 bill?
A: Old currency dealers and auction houses that specialize in paper money are your best bet. Make sure to only sell to reputable dealers. You can also consider consigning your note to a major currency auction. Selling on eBay is also an option but beware of scammers and counterfeiters.
Conclusion
1934 $20 bills are an exciting and valuable niche of the currency collecting world. Notes from this series in good condition with special features like the Hawaii overprint, star symbols, and fancy serial numbers can be worth substantial premiums over face value.
If you come across a 1934 twenty in circulation or inherit one from a relative, be sure to examine it closely or have it evaluated by a currency expert. You just might discover that you possess a rare piece of currency history worth thousands of dollars!
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