While the first gold certificates were produced in the 1860’s, the $20 certificate was only made in 1907 and 1922. Furthermore, the size of the $20 Gold Certificate was reduced in size in 1928 from the large format to the size of our current currency, replacing the image of Michael Hillegas*, the FIRST treasurer of the US, with that of Alexander Hamilton. (* Which is why the earlier notes in this series were also referred to as “Hillegas Notes”.)
Because some of these notes were produced with different sized serial numbers, those with smaller serial numbers may command slightly higher prices.
