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The 1934 $20 Mule Federal Reserve Note from the Federal Reserve Bank of Atlanta, Georgia, graded Gem Uncirculated 65EPQ by PMG, is an exceptional and highly sought-after piece of U.S. small-size paper money. As a “mule” note—a term denoting a printing anomaly caused by mismatched back and face plates from different series—this note carries added rarity and collector appeal. Issued during the Great Depression, the 1934 series represents a pivotal moment in U.S. monetary history when the gold standard had just been abandoned and paper currency began taking on its modern fiat form. With its sharply struck printing, superb preservation, and rare mule status, this note is a standout example from the transitional 1930s era.
In the context of U.S. paper money, a mule note refers to a banknote printed using an older or mismatched back plate paired with a newer face plate, often due to logistical expediency at the Bureau of Engraving and Printing. On small-size notes like this 1934 $20, mules are most commonly identified by a small plate number (lower right of the back) that differs in style or numbering format from the expected pairing. The presence of such mismatched plates was initially considered an internal production detail, but numismatists later realized these errors had significant implications for plate history and print sequence, sparking strong collector interest.
This specific $20 note bears the Series 1934 designation, which was introduced following Executive Order 6102 in 1933 that prohibited gold redemption. Notes of this series prominently display the clause “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE, AND IS REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK,” replacing earlier references to gold payment. This change marked a foundational shift in U.S. currency from gold-backed to fiat money. Issued by the Federal Reserve Bank of Atlanta (District 6), this note features the district letter “F” and the corresponding Federal Reserve seal to the left of the portrait.
The face of the note features a finely engraved portrait of Andrew Jackson at the center, based on the 1835 painting by Ralph Eleaser Whiteside Earl. The portrait is framed in a neoclassical oval border with ornamental corner numerals and large denomination indicators. To the right of Jackson is the green Treasury seal, and to the left is the black Federal Reserve Bank seal for Atlanta. The serial numbers, also printed in green ink, appear in the upper right and lower left corners. In 65EPQ grade, all printed elements are crisp and fully defined, with no smearing, fading, or registration issues. The margins are near-perfect, and the note displays bold, original embossing.
The reverse of the note shows a detailed rendering of the White House, a design introduced in the 1928 series and retained for all subsequent $20 small-size notes through 1998. The building is centered between denomination markers and bordered by intricate scrollwork and classical architecture motifs. “THE UNITED STATES OF AMERICA” appears across the top, and “TWENTY DOLLARS” is inscribed below. As a mule note, the back printing on this example was done using a plate originally intended for an earlier series, creating the anomaly that distinguishes it from standard issues. In 65EPQ condition, the green ink is deep and even, with razor-sharp detail and full visual integrity throughout.
The PMG grade of 65EPQ (Exceptional Paper Quality) confirms that this note is in Gem Uncirculated condition, with bright, original paper, no folds or creases, and strong eye appeal. The EPQ designation guarantees that the paper is free from any alterations, pressing, or cleaning, preserving its factory-issued texture and snap. Gem Uncirculated 65 is a premium collector grade, indicating that while the note is not absolutely perfect, it falls within the top tier of preservation—often showing only the faintest margin shift or minor natural handling from packaging at the time of issuance.
Atlanta-issued 1934 $20 Federal Reserve Notes are among the more available districts for the series in general, but mule varieties are significantly scarcer. Mule status often depends on subtle plate pairings and was not widely recognized until years after printing, meaning relatively few were set aside intentionally. Today, mule notes—especially in higher denominations or pristine condition—are closely pursued by specialists in small-size currency, error notes, and Federal Reserve type collectors. This note combines district interest, mule rarity, and elite grade in one appealing package.
From a historical standpoint, this note was issued during one of the most turbulent periods in American financial history. The 1934 series came directly after the U.S. government’s abandonment of the gold standard and during the Roosevelt administration’s sweeping monetary reforms under the New Deal. It circulated at a time when confidence in paper currency was being restored, and the Federal Reserve was taking on a more central role in monetary policy. The $20 denomination, one of the most commonly used for larger transactions, became a workhorse in commerce and banking. As a result, most were heavily circulated, making pristine examples like this especially rare.
For collectors, the 1934 $20 mule note offers numerous points of appeal. Its Gem Uncirculated grade makes it suitable for high-end type sets, while its mule status adds depth and rarity. Notes like this are particularly prized in thematic collections focusing on the history of the Federal Reserve, pre-World War II monetary policy, or U.S. paper money printing anomalies. The Atlanta district adds further character, as many collectors pursue full 12-district sets of $20 notes, and finding mules within such sets poses a greater challenge.
The Certified 1934 $20 Mule Federal Reserve Note from Atlanta, Georgia, graded Gem Uncirculated 65EPQ by PMG, represents the convergence of rarity, historical value, and superior condition. With its sharp engraving, exceptional originality, and status as a mule note, it stands as a highly desirable addition to any advanced paper money collection. Whether appreciated for its technical quality or its connection to a turning point in U.S. monetary history, this note exemplifies the very best in collectible small-size currency.