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The 1934B $20 Federal Reserve Note graded *Gem Uncirculated 65EPQ* by PMG is a superb example of post-Depression era U.S. currency, produced at the culmination of the Series 1934 design family. Issued during a period of recovery and modernization, the 1934B series features the signature combination of Georgia Neese Clark—America’s first female Treasurer—and Treasury Secretary Fred M. Vinson, who would later serve as Chief Justice of the Supreme Court. In a 65EPQ grade, this note represents near perfection, exhibiting vibrant ink, flawless alignment, and pristine, original paper surfaces as verified by PMG’s “Exceptional Paper Quality” designation.
The Series 1934B notes were the final variation within the broader 1934 series of Federal Reserve Notes, which began with the implementation of the Gold Reserve Act and the U.S. government’s formal abandonment of the gold standard for domestic transactions. The obligation printed on this note—“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”—signifies the fiat currency standard that replaced gold-backed banknotes. This subtle but monumental policy shift is permanently reflected in the design and text of the 1934B issue.
The face of the note features a highly detailed portrait of President Andrew Jackson, engraved with exceptional precision and framed by classical scrollwork and symmetrical bordering. To Jackson’s left is the Federal Reserve District seal in black, while to his right appears the green U.S. Treasury seal. Above the portrait is the title “Federal Reserve Note,” and the serial numbers—printed in matching green ink—are positioned in the upper right and lower left corners. In PMG 65EPQ condition, the ink appears bold and uninterrupted, margins are even, corners are sharp, and embossing from the intaglio printing process remains distinctly visible.
The reverse design showcases the south façade of the White House, flanked by lush trees and framed by large “TWENTY DOLLARS” inscriptions above and below. The vignette, deeply engraved and centered on the note, is flanked by ornate corner numerals and subtle scrollwork. In this high grade, the design’s intricate linework remains sharp, with no signs of paper aging, discoloration, or ink fading. The green color used for the back is rich and well-balanced, maintaining its original depth across the entire surface.
PMG’s Gem Uncirculated 65EPQ designation is reserved for notes that meet a very high standard of preservation and originality. The grade of 65 indicates perfect centering or nearly so, sharp corners, and no evidence of folds or handling. EPQ, or “Exceptional Paper Quality,” further certifies that the note has not been pressed, cleaned, or chemically altered, ensuring it retains the full integrity of its original texture, brightness, and printing pressure. Collectors seeking premium examples without venturing into the much rarer (and costlier) 66 or 67 grades often target 65EPQ as a sweet spot for quality and value.
The 1934B $20 notes were printed in significantly smaller numbers than their 1934 and 1934A counterparts, and they were only issued by select Federal Reserve Districts in the late 1940s. Their relatively brief lifespan and limited production make high-grade survivors like this one especially appealing to collectors. The Clark–Vinson signature combination is unique to this subseries and adds historical significance, particularly as Georgia Neese Clark broke barriers as the first woman to hold the office of Treasurer of the United States.
As the final subseries before the redesigned 1950 notes were introduced, the 1934B $20 also marks the end of a classic era in U.S. small-size currency design. Its layout—with wide margins, a centrally placed portrait, and large denomination numerals—is visually balanced and elegant. Later issues, while more security-focused, sacrificed some of this aesthetic refinement. This makes the 1934B notes especially attractive to collectors who appreciate traditional note artistry combined with historical importance.
The $20 denomination itself is among the most collected in U.S. currency, known for its consistent presence in commerce and for bearing the enduring portrait of Jackson. As a mid-range denomination, it is large enough to have been used in significant financial transactions but still accessible for collectors to acquire across various grades and types. The 1934B issue, in particular, appeals to both type note collectors and those building full Federal Reserve district sets, especially in certified high-grade examples like this one.
Because of its rarity in Gem EPQ condition, this note also carries investment appeal. High-grade notes from the pre-1950 series continue to attract interest due to their historical context, artistry, and declining population of original, well-preserved survivors. The PMG certification ensures authenticity and provides confidence for both casual collectors and serious investors, helping preserve and protect its long-term value.
The Certified 1934B $20 Federal Reserve Note graded Gem Uncirculated 65EPQ by PMG is an outstanding representation of historical, artistic, and monetary evolution in American paper money. With exceptional printing quality, original untouched paper, and bold design elements, it offers beauty, integrity, and significance in a single certified package. Whether completing a 1934 series set, building a high-grade type collection, or investing in rare Federal Reserve currency, this note stands out as a top-tier example from a pivotal moment in U.S. financial history.