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The 1906 $20 Gold Certificate, cataloged as Friedberg #1184 (Fr#1184), is a stunning and historically rich example of early 20th-century U.S. currency backed by physical gold held in the U.S. Treasury. Graded EF45PPQ by Legacy Currency Grading, this specimen sits at the upper end of the Extremely Fine range while retaining full originality, crisp paper quality, and vibrant color as denoted by the coveted Premium Paper Quality (PPQ) designation. Gold certificates like this one offer a unique window into a bygone monetary system when U.S. paper currency was directly tied to precious metal reserves and reflected the country’s confidence in its gold-backed financial system.
The 1906 $20 Gold Certificate is a large-size note, part of the Series of 1906, and was issued during the final years of the classic gold certificate era before the onset of World War I and the financial upheaval of the Great Depression. These notes circulated widely in commerce among banks and businesses and were redeemable at any time for gold coin held in the U.S. Treasury. This note carries a powerful promise printed directly across the center: “This certifies that there have been deposited in the Treasury of the United States of America Twenty Dollars in gold coin repayable to the bearer on demand.” This legally binding statement gave these notes real weight and instilled widespread trust in the American currency system of the time.
The face of Fr#1184 features a finely engraved portrait of George Washington at left, based on the famed painting by Gilbert Stuart. Washington’s likeness, one of the most recognizable in American iconography, conveys strength, continuity, and trust. The ornate design surrounding the portrait includes intricate linework, scrollwork, and geometric guilloché patterns, which served both decorative and anti-counterfeiting functions. The rich orange-gold color of the serial numbers and the boldly printed gold Treasury seal at right are distinctive to the gold certificate series and remain remarkably vivid on this EF45PPQ example. These visual cues instantly set gold certificates apart from other contemporary issues such as Silver Certificates or Legal Tender Notes, which used blue and red overprints respectively.
At the top of the face is the statement “Gold Certificate,” and the denomination is printed both numerically and in words. Beneath the signature panel are the engraved names of the Treasury officials in office at the time of this note’s printing, typically Vernon (Register of the Treasury) and Treat (Treasurer of the United States). This pairing of signatures corresponds to Fr#1184 specifically and helps date the note’s production to the period between 1906 and 1913, prior to the adoption of small-size currency in 1928. Notes from this period were produced by the Bureau of Engraving and Printing using intaglio methods that remain unmatched in texture and depth.
The reverse of the note, printed entirely in rich orange-gold ink, features an elaborate open field dominated by a large “TWENTY DOLLARS” in bold lettering and stylized Gothic font. The background is filled with ornate border designs and fine-line detailing that create a rich and commanding presence. The color and layout of the reverse reflect both the artistic excellence and functional security measures of the era. The orange back design is a hallmark of gold certificates, and this bold hue immediately identifies the note’s backing by precious metal reserves—an attribute that still fascinates collectors today. The reverse bears no imagery, relying instead on typography and layout to communicate authority and denomination.
Graded EF45PPQ (Extremely Fine 45 Premium Paper Quality), this note shows only light signs of careful handling—typically a few soft folds or light bends—without any major creases, tears, stains, or other impairments. At EF45, all the major design details remain fully intact and sharply rendered, and there is minimal interruption of the paper’s integrity. The PPQ designation confirms that the paper is original and unaltered, showing no signs of pressing, cleaning, or restoration. Original embossing, bold inking, and excellent margins make this note stand out as a superior example for the grade. It offers collectors the perfect balance between quality, eye appeal, and relative affordability compared to higher Mint State grades.
The 1906 $20 Gold Certificate, Fr#1184, is a collectible cornerstone for enthusiasts of U.S. large-size type notes and pre-Federal Reserve currency. Unlike the more common 1922 $10 or $20 Gold Certificates, the 1906 series saw much smaller print runs, and fewer examples survive today in high-end grades with full originality. Most surviving notes from this series were heavily used in commercial banking and settlement transactions and thus are found in lower circulated grades. High-grade EF or better examples with PPQ are significantly rarer and increasingly sought after, especially as interest in gold-backed financial instruments grows among collectors and investors alike.
Gold certificates were eventually withdrawn from circulation beginning in the 1930s during the Roosevelt administration’s sweeping monetary reforms. Under Executive Order 6102 in 1933, Americans were required to surrender gold certificates and gold coinage in exchange for Federal Reserve Notes, effectively ending the domestic convertibility of paper money into gold. While these notes remained legal tender, they were no longer redeemable for gold, and many were destroyed or held in Treasury vaults. Those that survived, like this 1906 $20 certificate, are tangible reminders of a time when paper currency was not just a medium of exchange but a claim on real metal value.
Today, the 1906 $20 Gold Certificate holds enduring appeal for its brilliant coloration, superior engraving, and foundational place in U.S. monetary history. As the physical embodiment of a gold-backed financial system, it resonates with collectors who appreciate the intricate craftsmanship and historical narrative embedded in large-size notes. Whether part of a comprehensive gold certificate type set or featured as a standalone artifact of early 20th-century monetary policy, Fr#1184 in EF45PPQ represents an outstanding acquisition.
In summary, the 1906 $20 Gold Certificate Fr#1184, graded EF45PPQ by Legacy, is a premium-quality survivor from a prestigious and historically significant series. With its vivid gold-orange overprints, sharp engraving, full originality, and near-uncirculated presentation, this note offers exceptional value to collectors of classic U.S. currency. It serves as both a visually striking and historically compelling addition to any advanced collection of American paper money, particularly those focused on the era when every dollar had its weight in gold.