How Much Is an Old 20 Dollar Bill Worth?

The United States twenty-dollar bill, a common denomination in daily transactions, can hold value far beyond its face amount when it qualifies as a collectible item. While most twenty-dollar bills circulating today are worth only their stated value, certain older or unique bills are highly sought after by collectors. Understanding the characteristics that contribute to this enhanced value is important for anyone who might encounter such a note. This guide explores how to identify these special bills and the specific attributes that can transform an ordinary twenty-dollar bill into a valuable numismatic treasure.

Identifying an Old $20 Bill

What constitutes an “old” $20 bill, from a collector’s perspective, extends beyond mere age and encompasses specific historical series and design elements. The earliest $20 notes, known as large-sized notes, were significantly larger than today’s currency, measuring approximately 7.375 by 3.125 inches compared to the current 6.14 by 2.61 inches. These larger bills were issued from 1861 until 1928, featuring various designs and individuals before Andrew Jackson’s portrait became standard on the small-sized notes in 1928.

Several types of these large-sized $20 bills exist, including Legal Tender Notes, which were first issued during the Civil War to finance government operations. These early notes were often identifiable by their red seals and serial numbers. Another significant category is Silver Certificates, which were redeemable for their face value in silver dollars or bullion until 1968. While $20 Silver Certificates were issued in large sizes from 1878 to 1929, small-sized Silver Certificates were primarily issued in $1, $5, and $10 denominations, making a small-sized $20 Silver Certificate exceptionally rare.

Federal Reserve Notes, which constitute the majority of currency in circulation today, also have older series that can be valuable. The earliest small-sized Federal Reserve Notes for the $20 denomination were introduced in 1928, featuring Andrew Jackson’s portrait and a vignette of the White House. Throughout the years, these notes underwent design changes, such as the addition of security features in 1990 and a complete redesign in 1996 to deter counterfeiting, including a larger, off-center portrait and color-shifting ink. Notes from series prior to these modern security enhancements, especially those from the 1928, 1934, and 1950 series, are generally considered “old” in the numismatic community.

Factors Influencing Value

The monetary value of an old $20 bill is determined by several specific factors, with the bill’s physical condition being a primary consideration. Currency grading uses a standardized system to assess a note’s state of preservation, ranging from “Poor” for heavily worn bills to “Uncirculated” for those with no signs of handling. A bill’s crispness, the presence of folds, tears, stains, or pinholes, and its overall appearance directly influence its grade and, consequently, its value. For instance, an “Uncirculated” bill will command a significantly higher price than a “Good” condition bill of the same series.

Rarity also plays a significant role in a bill’s worth, often stemming from low print runs or specific series that were short-lived. Certain series or types of $20 bills, such as emergency issues like the World War II-era “Hawaii” overprint notes, were produced in limited quantities, making them scarce and highly desirable to collectors. The fewer notes that were originally printed or that survive in good condition, the higher their potential value tends to be. Collectors actively seek out these rare issues to complete their collections.

Unique serial numbers can dramatically increase a bill’s appeal and value. Low serial numbers, such as those with several leading zeros (e.g., 00000001), are particularly prized. Fancy serial numbers, which include patterns like solid numbers (e.g., 77777777), ladder notes (e.g., 12345678), radar notes (numbers that read the same forwards and backward), or repeater notes (patterns that repeat, like 12312312), are also highly collectible. Additionally, “star notes” are replacement bills issued when an error occurs during the printing process. These notes have a star symbol at the end of their serial number and are generally rarer than regular notes, often carrying a premium.

Printing errors represent another category that can significantly elevate a bill’s value. These errors occur during the manufacturing process and can include misaligned cuts, where the design is noticeably off-center. Other errors, such as ink smears or retention, inverted backs (where one side is printed upside down relative to the other), missing print, or paper folds that occurred during printing, can make a note a rare and valuable item. These imperfections, rather than detracting from a bill’s worth, make it unique and highly sought after by collectors specializing in error notes.

Determining and Realizing Value

Ascertaining the specific value of a potentially collectible $20 bill typically involves professional assessment. Professional grading services offer an unbiased evaluation of a bill’s condition and authenticity, which is crucial for maximizing its market value. Organizations like Paper Money Guaranty (PMG) and PCGS Currency are widely recognized for their expertise in currency grading. The process usually involves submitting the bill to the service, where it undergoes a detailed examination by multiple experts who assign a numerical grade and encapsulate it in a secure, tamper-evident holder.

When preparing a bill for submission, it is important to handle it as little as possible, preferably by the edges, and to avoid any attempts at cleaning or repairing it, as this can severely damage its numismatic value. Reputable grading services provide detailed instructions on their submission procedures, including packaging requirements and submission forms. Fees for these services vary depending on the declared value of the note, the desired turnaround time, and any additional services requested, ranging from approximately $20 to over $100 per note for standard submissions, not including shipping and insurance.

Beyond professional grading, various resources can assist in appraising a bill’s estimated value. Numismatic price guides, both in print and online, provide current market values for different types and grades of currency. Online databases of past auction sales can also offer insights into what similar bills have recently sold for. Consulting multiple sources and, if possible, seeking advice from reputable currency appraisers or dealers can help ensure a more accurate valuation.

Once a bill’s value has been determined, there are several avenues for realizing its worth. Local coin and currency dealers often buy notes outright, providing a quick transaction, though they typically offer less than the full market value to account for their profit margin. For higher-value notes, consigning to an auction house specializing in numismatics can reach a broader audience of serious collectors, potentially yielding a higher sale price, though this involves commission fees and a longer sales process. Online marketplaces, such as eBay or specialized numismatic websites, also provide platforms for selling, but they require the seller to manage the listing, shipping, and buyer interactions, and may involve platform fees.