What is the value of a 1929 US 20 dollar Federal Reserve Note?

Answer 1

If the bank name to the left of the portrait includes the words "Federal Reserve Bank", values depend on the distributing bank district. As of 11/2011:

> Dallas: $40 to $65 in average condition, $600 or more in crisp, uncirculated condition.

> San Francisco: $40 to $125 circulated ; $475 uncirculated

> All others: $25 to $35 circulated; $150 uncirculated

The brown seal and the banner across the bill's top front mean that it's a special type of paper money called National Currency. These now-unusual bills were backed by bonds deposited with the Treasury by the issuing bank.

Series 1929 National Currency was printed in two forms:

* Bills issued as Federal Reserve Notes have the words "Federal Reserve Bank" and the name of the district city to the left of the portrait.

* Bills issued as National Bank Notes have the words "National Bank" and the name of the issuing bank to the left of the portrait. In addition, the issuing bank's ID number is printed in heavy black type on the left and right edges of the bill.

Bond-backed currency was discontinued during the Great Depression as part of the government's efforts to stabilize the economy. 1929 was the last series date for National Currency Notes, although these bills continued to be printed for a few more years.