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The 1934D $20 Federal Reserve Note in Narrow variety and Extremely Fine (XF) condition is a well-preserved specimen from one of the most significant transitional periods in American paper currency history. The Series of 1934 began in the aftermath of the Gold Reserve Act of 1934, which prohibited private gold ownership and removed the gold redemption clause from U.S. currency. The 1934D issue followed several earlier subseries—1934, 1934A, 1934B, and 1934C—and represents a continuation of the redesigned small-size notes first introduced in 1928. The 1934D $20 is particularly notable for having two distinct varieties: Narrow and Wide, referring to the spacing of the green Treasury seal and serial numbers. The Narrow variety, such as the example in question, is slightly more difficult to find and has become a focal point for specialized collectors.
The obverse design of the 1934D $20 Federal Reserve Note features the classic portrait of Andrew Jackson, seventh President of the United States, engraved in fine detail and facing left. His likeness is encased within a decorative oval frame that stands out against the light green background tint applied to the center of the note. Above the portrait, the note displays the title “FEDERAL RESERVE NOTE,” and below is the legal tender statement: “This note is legal tender for all debts, public and private.” To Jackson’s left is the black Federal Reserve Bank seal, indicating the issuing regional bank, while to the right is the green Treasury seal, which is closer to the serial number in the Narrow variety.
What sets the Narrow variety apart is the reduced space between the green Treasury seal and the adjacent serial number. On Narrow notes, the seal is shifted further right and sits closer to the edge of the note, while on Wide varieties, the seal is more centered between the portrait and the border. Collectors often use a ruler or comparison note to confirm the difference, which can be subtle but important in valuation. Both serial numbers—printed in green ink—are placed in the upper right and lower left corners, beginning with a letter, followed by eight digits, and ending with another letter unless the note is a STAR replacement. In addition to their functional purpose, the serial numbers and seals contribute to the note’s visual symmetry.
The reverse of the note is dominated by an engraved image of the White House, viewed from the North Lawn, with shrubbery and classical architecture finely rendered in intaglio. The surrounding design is clean and symmetrical, with the inscriptions “THE UNITED STATES OF AMERICA” across the top and “TWENTY DOLLARS” across the bottom. Large, bold numerals “20” are positioned in each corner, and two smaller versions of “TWENTY” flank the main image. The reverse is printed entirely in green ink, giving rise to the term “greenback” that persists in modern vernacular.
Constructed with the traditional cotton-linen blend paper, the 1934D $20 note contains embedded red and blue security fibers scattered throughout the substrate. These fibers, along with raised intaglio printing and complex engravings, served as the primary anti-counterfeiting measures of the time. The printing process was performed by the Bureau of Engraving and Printing (BEP), which used large sheets of notes printed in multiple impressions, then cut and trimmed to uniform size. The Narrow and Wide seal variations likely resulted from the use of different plate designs or minor spacing changes introduced during production runs.
In Extremely Fine (XF) condition, this note has seen moderate but careful circulation. XF notes typically retain about 90% or more of their original crispness, with only light folds or creases visible. There may be one or two horizontal or vertical folds, but no distracting stains, tears, or paper damage. The inks remain bright and vivid, especially the green Treasury seal and the black engraving of Jackson’s portrait. The corners may show mild rounding but are still relatively sharp, and the paper has retained much of its body and texture. For collectors, XF examples of the Narrow variety strike an ideal balance between affordability and visual appeal.
The 1934D $20 Federal Reserve Notes were printed for all twelve Federal Reserve Banks, identified by the black district seal on the front and the matching prefix letter in the serial number. Common districts like New York (B), Chicago (G), and San Francisco (L) produced large numbers of notes, but certain banks such as Richmond (E) or Minneapolis (I) issued fewer notes and are more difficult to find today, particularly in the Narrow variety. It is not uncommon for collectors to specialize in building full sets of 1934 series notes, with each district and seal variation represented, making the Narrow 1934D note a crucial acquisition.
While the 1934D series does not include as many dramatic changes as earlier or later series, it marks the end of the pre-war monetary design language before the introduction of small-size silver certificates and Federal Reserve Notes with more modern typography and security features. The note’s language no longer includes any reference to redemption in gold, reflecting the major policy shift enacted by President Franklin D. Roosevelt and the Treasury Department. These changes signified the government’s move away from the gold standard and toward a more flexible, fiat-based currency system.
The Narrow seal variety was not identified as a collectible distinction until decades after issuance, and as such, many were spent or redeemed without preservation. As collectors began to focus on subtle varieties, interest in these narrower-spacing notes grew, leading to premium pricing for confirmed Narrow examples, especially in higher grades like XF and better. Certification by third-party grading companies such as PMG or PCGS Banknote can further enhance value and confirm authenticity, particularly when the variety is labeled explicitly on the holder.
In conclusion, the 1934D $20 Federal Reserve Note Narrow variety in Extremely Fine condition is a prime example of Depression-era American currency that reflects both aesthetic refinement and historical transition. With its sharply rendered design, modest circulation wear, and desirable seal spacing variant, this note offers an ideal blend of collectibility and affordability. It serves as a window into a pivotal time when America’s monetary system was being redefined, and for collectors of 20th-century U.S. paper money, it represents a tangible, valuable piece of economic history.