Description
1928C $20 San Francisco – Yellow‑Green Seal – L15964893A
This 1928C $20 San Francisco Federal Reserve Note is one of the most desirable early small‑size twenties. Collectors who track district scarcity and early seal varieties consider this issue essential. 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. Because of this smaller run, San Francisco notes are much harder to locate in collectible grades. For many collectors, adding a San Francisco example is an important step in completing an early‑series district set.
1928C $20 San Francisco Seal Variety
The 1928C series features the yellow‑green seal, a lighter and more vibrant shade used only on the earliest small‑size Federal Reserve Notes. This color marks a transitional period before the darker green seals became standard. As a result, yellow‑green seals have become popular with specialists who study 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 interesting early‑modern FRNs available. It remains a key target for collectors who appreciate scarce district‑and‑seal combinations.
Condition of Serial L15964893A – Very Fine Plus
This example, serial L15964893A, was removed from circulation decades ago and stored carefully. The paper retains much of its original strength. We graded it Very Fine Plus, with no distractions that affect its presentation. The paper is crisp for the grade, the design elements remain sharp, and the overall appearance is balanced. Although light circulation is present, the note still carries the look of a stronger VF/XF example without the higher price associated with upper‑grade pieces. Collectors who value originality will appreciate its natural and honest appearance.
Why Collect the 1928C San Francisco District
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 who want to fill this rare district‑and‑series slot without entering the four‑figure range, this Very Fine Plus example offers strong value, excellent presentation, and meaningful historical significance.