MetalStacks proudly presents a distinguished piece of pre-World War II American currency with this Series 1934-A $20 Federal Reserve Note, featuring the iconic green Treasury seal and signatures of W.A. Julian (Treasurer of the United States) and Henry Morgenthau Jr. (Secretary of the Treasury). Issued during the height of the Great Depression and the early Roosevelt administration, this note represents a transformative era in American monetary history — the period when the United States moved decisively away from the gold standard and reshaped the modern Federal Reserve system.
(PSV 25)
This particular example is housed in a protective rigid currency holder and elegantly presented within a handsome wood display frame with a black matted backdrop, transforming it into a finished showcase piece ready for immediate display. The note exhibits natural signs of age and circulation consistent with its nearly century-old vintage, including subtle toning, paper texture variations, and minor wear that authentically reflect its journey through American history. These natural characteristics enhance its authenticity and historical character as a genuine artifact of the New Deal era. Only one note is available, and it bears a unique serial number, making this a truly one-of-one collectible offering.
The note was issued by the Federal Reserve Bank of Richmond, Virginia (District 5), one of the twelve regional Federal Reserve Banks responsible for currency distribution across the southeastern United States, and features a portrait of Andrew Jackson — the 7th President of the United States — at center.
Note Information
- Series: 1934-A
- Denomination: $20
- Type: Federal Reserve Note
- Seal Color: Green Treasury Seal
- Issuing Bank: Federal Reserve Bank of Richmond (E5)
- Serial Number: E54735411A
- Signatures: W.A. Julian (Treasurer) / Henry Morgenthau Jr. (Secretary of the Treasury)
- Grade: Circulated
- Issuer: United States of America
- Paper Type: Government-issued cotton/linen blend
- Redemption Clause: "Redeemable in Lawful Money at the United States Treasury or at any Federal Reserve Bank" (historical)
- Presentation: Rigid currency holder mounted within a wood display frame
- Availability: One (1) note only
Design Details
Obverse: Features the classic engraved portrait of Andrew Jackson — the 7th President of the United States — at center, framed by ornate scrollwork and the Federal Reserve Bank of Richmond seal (E5). The green Treasury seal is positioned to the right of Jackson's portrait, with matching green serial numbers (E54735411A) flanking the central design. The inscription "FEDERAL RESERVE NOTE" appears prominently across the top, with the legal tender and redemption clause to the left of Jackson: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE, AND IS REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK." The "SERIES OF 1934 A" designation appears alongside the signature of Secretary Henry Morgenthau Jr., while Treasurer W.A. Julian's signature appears at the lower left. The promise "WILL PAY TO THE BEARER ON DEMAND" runs along the bottom border — a historical artifact from an era when paper currency was tied to a more direct redemption framework.
Reverse: Displays a detailed engraved view of the White House as it appeared in the 1930s, framed by elaborate scrollwork and ornamental flourishes. Bold "20" numerals appear at all four corners, with "THE UNITED STATES OF AMERICA" arched across the top and "TWENTY DOLLARS" anchoring the bottom. The inscription "WHITE HOUSE" appears beneath the central engraving. This iconic reverse design — featuring the original White House view from the south side — was used on $20 Federal Reserve Notes from 1928 through 1950, after which the design was modernized to reflect the building's post-Truman renovation.
Historical Significance
The Series 1934-A $20 Federal Reserve Note is a tangible piece of one of the most consequential eras in American monetary history. The 1934 series was issued in the immediate aftermath of three landmark New Deal monetary policies enacted under President Franklin D. Roosevelt:
The Gold Reserve Act of 1934: Signed into law on January 30, 1934, this act officially ended the domestic gold standard, nationalizing all gold held by the Federal Reserve and prohibiting private gold ownership. The Act fundamentally redefined the relationship between U.S. currency and precious metals.
Executive Order 6102 (1933): Just one year prior, Roosevelt had ordered the surrender of all privately held gold coins, bullion, and certificates — one of the most dramatic monetary policy actions in U.S. history.
Devaluation of the Dollar: As part of the 1934 reforms, the gold value of the dollar was officially devalued from $20.67 per ounce to $35.00 per ounce — a 41% devaluation designed to spur economic recovery during the Great Depression.
The 1934-A series specifically carries the signatures of W.A. Julian and Henry Morgenthau Jr., who served together under President Franklin D. Roosevelt. Henry Morgenthau Jr. is one of the most historically significant Treasury Secretaries of the 20th century — serving from 1934 to 1945, he financed the New Deal, oversaw the wartime financing of World War II through Liberty Bonds, and was a chief architect of the Bretton Woods Agreement that established the post-war international monetary system. Notes bearing his signature carry profound historical weight far beyond their numismatic value.
The 1934-A variant is distinguished from the base 1934 series by a minor printing modification adopted partway through production. The Series of 1934 family (1934, 1934-A, 1934-B, 1934-C, and 1934-D) collectively represents the longest-running design series in $20 Federal Reserve Note history, spanning from 1934 through 1950 before being replaced by the redesigned 1950 series featuring the modernized White House view.
This note's redemption clause — "REDEEMABLE IN LAWFUL MONEY AT THE UNITED STATES TREASURY, OR AT ANY FEDERAL RESERVE BANK" — is itself a piece of monetary history. Federal Reserve Notes from this era retained a redemption promise that would gradually be phased out, culminating in the final elimination of any redemption language by 1963, when the modern fiat-only Federal Reserve Note framework was firmly established.
Presentation
This nearly century-old note is securely housed in a protective rigid currency holder and elegantly mounted within a wood display frame with a black matted background, ready for immediate display on a desk, shelf, mantel, or wall. The framed setup protects the vintage paper while allowing full visibility of its design, green seal, Jackson portrait, serial number, and signatures. As with all MetalStacks offerings, the note has been carefully handled and verified for authenticity.
Because only one example is available, the exact note shown — including its distinct serial number and individual condition — is the note you will receive.
For additional details or collector inquiries, please contact MetalStacks at (561) 529-3001.