The 1928 "small size" $20 bills featuring Andrew Jackson were issued as Federal Reserve Notes, gold certificates, Federal Reserve bank notes, national bank notes and special-issue Hawaii notes. The value of a these bills can vary significantly and is determined by following a sequence of steps.
- Determine the bill's condition
Notes in poor condition with heavy wear are generally not collectible and worth no more than their face value. Most bills found today are in "circulated condition," meaning they bear the normal wear and tear of those commonly found in circulation. Lightly circulated bills may show wear, but contain no heavy folds or creases, while "uncirculated" bills appear brand new, were never folded and carry a heavy premium.
- Understand the seal variations
Green seal bills are most common, with those in average, circulated condition valued at about $35, and uncirculated bills worth about $150. Lightly-circulated gold seal certificates sell for about $75, and those in mint condition often fetch at least $500 from collectors, depending on centering.
- Know the significance of the "star" symbol and serial number
Bills with serial numbers ending in a star symbol are rare and collectible. Such green seal bills typically command at least $50 in average condition, and gold star notes often draw upwards of $200, based on condition. Bills with at least six zeros at the beginning of the serial number are also certain to command a premium from many enthusiasts, from up to $150 in green seal bills to several hundreds of dollars in gold seals.