1934 $20 Bill Value
The 1934 $20 Federal Reserve Note was printed across four series letters through the Depression and the Second World War. It carries Jackson on the face and the White House on the back, and most examples that survive have seen heavy circulation.
Standard green seal notes bring a modest premium worn and a solid one uncirculated. The wartime Hawaii overprint is the standout of the series and belongs in a different price bracket entirely.
Quick facts
- Type
- Federal Reserve Note
- Series
- 1934, 1934A, 1934B, 1934C, 1934D
- Seal
- Green, or brown on Hawaii notes
- Wartime variant
- HAWAII overprint, 1934 and 1934A
- Back
- White House
1934 $20 Bill value by condition
| Condition | Estimated value | Notes |
|---|---|---|
| Well worn | $25 to $32 | |
| Lightly circulated | $32 to $50 | |
| About uncirculated | $70 to $120 | |
| Crisp uncirculated | $120 to $300 | |
| Star note, circulated | $50 to $150 | |
| Hawaii brown seal, circulated | $120 to $350 | |
| Hawaii brown seal, uncirculated | $600 to $2,000+ |
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The Hawaii overprint
After Pearl Harbor the Treasury feared that an invasion of Hawaii would hand Japan a large quantity of usable US currency. The solution was a special issue: brown seal, brown serial numbers, and HAWAII printed in large block letters across the reverse and in smaller letters on the face.
If the islands fell, every note bearing the overprint could be declared worthless in a single announcement. The $20 was the highest denomination issued in the Hawaii series and had the smallest print run of the four denominations, which is why it commands the strongest premium.
Light green versus dark green seals
Early 1934 and 1934A notes were printed with a lighter green Treasury seal; later printings used a darker green. Collectors track the distinction and in some district and series combinations the light green seal is noticeably scarcer.
The difference is visible side by side but hard to judge from a single note. If you are pricing a high grade example it is worth comparing against reference images before deciding which variety you have.
Frequently asked questions
What is a 1934 $20 Hawaii note worth?
Circulated examples typically run a few hundred dollars and uncirculated notes reach four figures. It is the scarcest denomination of the Hawaii emergency issue.
Why does my 1934 $20 say Hawaii on the back?
It is a wartime emergency issue from 1942, printed so the currency could be demonetized if Japan captured the islands. Genuine Hawaii notes have a brown seal and brown serial numbers.
Are 1934 $20 bills rare?
Standard green seal examples are common in circulated grades. Uncirculated notes, star notes, and the Hawaii variant are the scarce parts of the series.