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The only $20 bills printed in the 1934 series were Federal Reserve Notes so I'm assuming that's what you have. In worn condition most of these retail for about $22 despite their age. In better shape the retail price depends on what series letter, if any, is next to the date. Series D bill retail for up to $30 in excellent condition, Series C up to $28, and the rest up to $24.

FWIW, the last $20 silver certificates were issued in 1891. The wording "will pay to bearer on demand" is found on older FRN's but was removed from later series.

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Q: What is the value of a 1934 will pay to bearer on demand 20 dollar bill not a silver certificate?
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One dollar in silver payable to the bearer on demand?

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