$20 Notes – US Notes

Federal Reserve Note Series 1928 $20 Redeemable in Gold Clause: The Variety That Disappeared After 1933

June 15, 2026 by

The Series 1928 $20 Federal Reserve Note carries one of the most historically charged phrases ever printed on American paper money: ‘Redeemable in Gold on Demand at the United States Treasury.’ Understanding why that clause vanished after 1933, and how it affects rarity and value today, is essential knowledge for any serious collector of small-size currency.

The Series 1934 $20 Federal Reserve Note ‘Redeemable in Gold’ Clause: Which Districts Printed It and Which Had Already Changed

June 15, 2026 by

The Series 1934 $20 Federal Reserve Note sits at one of the most dramatic crossroads in American monetary history, with some district notes still bearing the gold redemption clause while others had already dropped it. Understanding exactly which districts printed which obligation text, and why, unlocks one of the most nuanced and collectible distinctions in twentieth-century paper money.