What looks like an ordinary $20 bill from 1928 just made history by selling at auction for an astonishing $670,000. But this wasn’t just any old note—it was a rare 1928 $20 Gold Certificate, a relic of a bygone era in U.S. monetary policy. Its incredible value lies in a mix of rarity, historical significance, and pristine condition.
What Is a 1928 $20 Gold Certificate?
Gold Certificates were a type of U.S. currency once backed by actual gold reserves. Issued in the early 20th century, these bills included a promise that they could be redeemed for gold coins from the U.S. Treasury. In 1928, the Gold Certificate represented real value—paper that was literally as good as gold.
But this financial system came to a dramatic halt in 1933, during the height of the Great Depression. President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for private citizens to own gold coins, bullion, or certificates. Americans were required to surrender their gold holdings, and most Gold Certificates were pulled from circulation and destroyed.
Why This $20 Bill Is Worth Over Half a Million Dollars
Unlike most notes that were lost or damaged, this particular 1928 $20 Gold Certificate survived in near-perfect condition. It was graded Gem Uncirculated by leading paper money experts, maintaining crisp texture, vibrant color, and flawless print clarity. For a nearly century-old note, such condition is extremely rare and highly prized by collectors.
The bill features the signatures of Treasurer W.A. Julian and Secretary of the Treasury Andrew W. Mellon, which further adds to its historical significance. These authentic details helped fuel a fierce bidding war among collectors, ultimately driving the final price to an eye-popping $670,000—far beyond the original auction estimate of $250,000 to $400,000.
Not Every Gold Certificate Is Worth a Fortune
While this sale is headline-worthy, it doesn’t mean every 1928 Gold Certificate holds the same value. Most surviving examples have been heavily circulated and show significant wear, which drastically lowers their market appeal and price.
Collectors are urged to evaluate a note’s:
- Series year and serial number
- Condition and grading status
- Presence of key phrases like “Redeemable in Gold”
- Signature combinations and historical context
If you come across an old note, it’s always smart to have it professionally graded by certified currency experts to assess its true value.
A Glimpse into U.S. Monetary History
The 1928 $20 Gold Certificate is more than just a rare collectible—it’s a piece of American financial history. It marks a time when the U.S. currency was backed by physical gold, offering insights into how economic policies evolved during one of the nation’s most difficult periods.
Its recent sale is a strong reminder of how paper currency can hold immense historical and monetary value—especially when well-preserved and tied to landmark events like the Great Depression and Roosevelt’s gold recall.
The Bottom Line
This auction proves that old paper money can be worth far more than its face value—especially when backed by history and rarity. As interest in collectible currency grows, who knows what other forgotten treasures might surface from attics, bookshelves, or inherited estates?
So the next time you find an old bill, don’t rush to spend it. You could be holding a valuable piece of American history worth thousands—or even hundreds of thousands—of dollars.
FAQs
What is a Gold Certificate?
A Gold Certificate was a form of U.S. paper money backed by gold reserves. Until the early 1930s, these certificates could be redeemed for physical gold coins.
Why are Gold Certificates valuable today?
They’re rare because the U.S. government recalled and destroyed most of them in 1933. Surviving examples, especially in uncirculated condition, are highly collectible.
Can I legally own a Gold Certificate now?
Yes. Although private ownership was once banned, it is now legal to own Gold Certificates as collectibles. However, they are no longer redeemable for gold.
How can I find out if my old bill is valuable?
Check for rarity indicators like the series year, pristine condition, unique serial numbers, and proper markings. Professional grading is highly recommended for accurate valuation.