1922 $20 Gold Certificate

The Series of 1922 $20 Gold Certificate is a classic and rarely-seen U.S. currency note. Issued in the large size of 7-3/8 by 3-1/8 inches (about 50 percent larger than today’s paper currency), it was the last large-size $20 Gold Certificate ever issued. In the early 20th century, Gold Certificates circulated in America along with other types of currency–such as Legal Tender Notes, Silver Certificates, and Federal Reserve Notes. Today, all paper currency is Federal Reserve Notes, and many people do not realize that other types of currency were once in circulation.

Gold Certificates were first authorized by Congress in 1863. They were a convenient way for the government to issue currency based on the value of gold in its possession. The bearer of the note knew that it was backed by real gold, so Gold Certificates were trusted by the public. Inscriptions at the top and bottom of the bill certify that “Twenty Dollars in Gold Coin” has been deposited in the Treasury and is “payable to the bearer on demand.” At the time this Gold Certificate was issued, the current $20 gold coin in circulation was the Saint-Gaudens $20 double eagle.

The central image on the front of the Series of 1922 $20 Gold Certificate is a portrait of George Washington. The portrait was based on a 1796 painting by Gilbert Stuart, one of America’s most renowned artists of the late 1700’s. The Certificate also features a golden Treasury seal on the right side and golden serial numbers on both the right and left sides of the note.

In 1933, President Roosevelt issued an Executive Order prohibiting the manufacture of gold coins and Gold Certificates and the use of gold – including Gold Certificates – as money. All gold coins and Gold Certificates in circulation were confiscated and destroyed, and the public was required to turn in all such items and be given the face value in other currency (coins or other types of paper money). As a result, a vast number of gold coins and Gold Certificates were destroyed. Only a few survived. It was not until April 24, 1964, that the American public was once again allowed to legally own Gold Certificates – although they were no longer redeemable for gold coins.

Once literally “as good as gold”, these 1922 $20 Gold Certificates are a scarce piece of American currency history that will make a wonderful addition to any collection. Each is in highly collectible clean, fine condition.

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