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The 1934B $20 Federal Reserve Note graded Gem Uncirculated 65EPQ by PMG is a premium-quality example of mid-20th century U.S. currency, representing both the final chapter in the 1934 series and a symbolic bridge between America’s Depression-era monetary reforms and the emerging modern financial system. Issued during a time of recovery and transformation following the Great Depression and World War II, this note combines the timeless design of earlier small-size Federal Reserve Notes with updated political signatures and the highest paper quality standards, confirmed by PMG’s EPQ designation and Gem Uncirculated grade.
The Series 1934B $20 note features the historic signature pairing of Treasury Secretary Fred M. Vinson and Treasurer of the United States Georgia Neese Clark. Their appearance on this note marks a significant moment in U.S. political and monetary history—Clark being the first woman appointed Treasurer of the United States, and Vinson later becoming Chief Justice of the Supreme Court. This version of the $20 note was the last to be printed with the classic 1934 design before the Treasury transitioned to the redesigned 1950 series, which incorporated layout revisions and smaller margins for improved security and automation.
The obverse of the note centers on a boldly engraved portrait of Andrew Jackson, rendered in crisp detail by the Bureau of Engraving and Printing. His portrait faces left and is framed within an ornate oval design, surrounded by classic scrollwork. To Jackson’s left is the black seal of the issuing Federal Reserve Bank, and to his right is the green U.S. Treasury seal. Serial numbers—printed in matching green ink—appear in the upper right and lower left corners. In Gem 65EPQ condition, these elements are fully intact with deeply impressed lines, excellent contrast, and vivid ink atop bright, untouched paper.
Prominently printed above the portrait is the title “FEDERAL RESERVE NOTE,” and below it appears the legal tender 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.” This phrase replaced the earlier gold redemption clause, making the note a key artifact of the nation’s full transition to fiat currency. Notes like this circulated during the early post-war years, a time of economic expansion and increasing international financial leadership by the United States under the Bretton Woods system.
The reverse of the note features an engraved view of the White House, with clear, symmetrical lines and strong depth of detail. Above the central image appears the inscription “THE UNITED STATES OF AMERICA,” while “TWENTY DOLLARS” is printed below. Large numeral “20” denominations are located in each corner, and decorative engraving adds balance to the composition. The green coloration remains rich and uniform in 65EPQ condition, with no fading, ink transfer, or smudging, and the border elements are sharply defined throughout the design.
PMG’s grade of Gem Uncirculated 65EPQ (Exceptional Paper Quality) confirms that this note has never entered circulation and remains in outstanding original condition. The 65 level requires precise centering, strong corners, full margins, and no distracting flaws, while the EPQ designation ensures the note’s paper is unaltered—free from pressing, cleaning, or chemical treatments. It also confirms original paper wave, embossing, and brightness are fully intact. This makes 65EPQ-certified notes especially attractive to collectors who value both visual impact and preservation integrity.
While millions of $20 notes were printed across the 1934 series, the 1934B subseries was printed in significantly smaller quantities and with a shorter lifespan. By the time of its release, the country was transitioning toward the 1950 design, and many notes of this series were quickly spent and retired. As a result, high-grade survivors, particularly those certified with EPQ, are far less common and increasingly sought after. The 1934B is also desirable as the only small-size $20 note bearing the Clark–Vinson signature combination, adding to its appeal for specialists and series collectors.
The $20 denomination holds a special place in American commerce and collecting. Historically used for large transactions, it has long been a practical and widely recognized currency unit. As a collectible, the denomination also offers some of the most consistent artistic quality and symmetry among U.S. notes. The 1934B note in 65EPQ condition showcases all of these elements with clarity and presence, making it a standout example for type collectors, district set builders, or those focusing on transitional Federal Reserve issues.
Collectors value this note not only for its beauty and preservation but also for the broader story it tells—of America’s departure from gold, the rise of the Federal Reserve’s authority, and the inclusion of groundbreaking political figures on its currency. It captures a moment of confidence and rebuilding after a generation of financial upheaval, embodied in the strength of its engraving, the symbolism of its institutions, and the precision of its manufacture.
The Certified 1934B $20 Federal Reserve Note graded Gem Uncirculated 65EPQ by PMG offers a premium combination of historical resonance, aesthetic refinement, and top-tier preservation. With bold printing, full margins, crisp embossing, and certified originality, it stands as a prized example of U.S. currency during a pivotal economic era. Whether enhancing a high-grade U.S. note collection or serving as an anchor in a broader historical currency display, this note embodies the integrity, elegance, and transition of American money in the mid-20th century.