Description
1928C $20 FRN – San Francisco District – Yellow‑Green Seal Variety
This 1928C $20 Federal Reserve Note from the San Francisco District is one of the most desirable early small‑size twenties, especially for collectors who track district rarity and early seal color varieties. Only two districts printed the 1928C $20 series: Chicago and San Francisco. Chicago produced just over three million notes, while San Francisco printed slightly above one million, making this district dramatically scarcer and far more challenging to locate in collectible condition. For many collectors, securing a San Francisco example is essential for completing a full early‑series district set.
Short Production & Early Seal Characteristics
The 1928C series is known for its yellow‑green seal, a lighter and more vibrant shade used only on the earliest small‑size Federal Reserve Notes. This color variety marks an important transitional period before the darker green seals became standard. Because of this, yellow‑green seals have become a favorite among specialists who appreciate early‑series traits, printing differences, and color‑shift varieties. When combined with the short production run, the San Francisco 1928C $20 stands out as one of the most compelling early‑modern FRNs available.
Condition & Eye Appeal
This example was removed from circulation decades ago and stored carefully, preserving much of its original crispness. The paper quality is strong, comparable to many Very Fine to Extra Fine graded notes. It shows light staining on the upper and lower right corners, but the overall appearance remains balanced and attractive. The centering is solid, and the note carries an About Uncirculated look, offering excellent visual appeal at a more accessible price point. Collectors who value originality and honest wear will appreciate the note’s natural presentation.
Rarity & Market Comparison
Uncirculated examples of the 1928C San Francisco $20 are extremely difficult to obtain. We currently offer a PMG 63Q from the South Philly City Collection for $3,400, one of only five known in 64Q with none higher in the PMG population report. For collectors seeking to fill this rare district‑and‑series slot without entering the four‑figure range, this VF/XF example provides exceptional value, strong presentation, and historical significance.