What makes something “distinguished?” Merriam-Webster may be our best bet to assist with this basic semantic inquiry, where we learn that if something is “marked by eminence, distinction, or excellence” – it is, by definition, distinguished. Within real estate, it may be the location that sets a property apart from the rest. For a fancy restaurant, it could be the ambience. A diamond becomes distinguished based on its size, clarity and color. And for a collectible – especially one within the fastidious world of numismatics – its condition is almost always the primary distinguishing factor.
By this measure, this 1922 $20 Gold Certificate (Fr. 1187m), freshly certified by PCGS Banknote as Superb Gem Uncirculated 68 PPQ, is unquestionably distinguished. With over 10,000 examples of the Friedberg type currently reported in the Track & Price census (both Mule and Non-Mule varieties combined), and perhaps an amount equal to that unaccounted for, this series is on the more “common” side of the spectrum within the broader category of U.S. large-size type notes. But its towering numeric grade of 68 on the 70-point Sheldon Grading Scale – appropriately modified for application to paper currency, of course – is entirely uncommon. The jaws of even the most finicky, eagle-eyed members of the PCGS Banknote grading team were dropped as it recently made the rounds through the grading and certification processes.
There is a lot that can happen to a piece of paper – both during production and after issuance into circulation – that would warrant immediate disqualification from obtaining a grade anywhere close to this. Let’s start with a banknote’s origin story. In this case, the journey began at Crane & Co. from where banknote paper has been sourced since 1879 and continued on to the U.S. Bureau of Engraving and Printing which provided the finished product. From the quality of the paper stock and the precision of inking and drying, to the cutting of sheets and collation and strapping into packs, there are countless (and frequently occuring) flaws, smears, hiccups, misalignments, bumps, biffs, bends and bruises that can work to demerit its grade below the Gem 65 threshold before it even leaves its security print shop. This note managed to avoid all of that trouble, leaving only the largest hurdle left in its fateful quest for near-perfection: Circulation.
It is important to keep in mind that paper money is meant to circulate and an overwhelmingly substantial proportion of it does. After being released into the wild, packs of 100 notes typically get broken down into singles or small runs and dispensed by bank tellers to their depositors, who are eager to participate in a little cash-and-carry commerce. What is the first thing they do? Fold those notes up in half, or into thirds, for storage inside of a wallet or pocket. A note experiencing this type of treatment would be ineligible for a grade 60 or better as it has now, officially, been circulated. Then the number keeps getting lower and lower from there as it makes its way around throughout the economy – more folds, more handling, more counting, more wear and tear. Again, this note saw none of that, distinguishing it from so many millions of its peers.
For all intents and purposes, this note is about as close to perfection as any vintage U.S. issue can ever reasonably expect to be. Production, from paper characteristics to the registration of its face and back printing phases to its final cut, was nearly flawless. Its advanced age (over 100 years) and its larger size (about 40% larger than the banknotes we use today) left it vulnerable to a whole host of potential condition-downgrade exposures. Yet, miraculously, it somehow persevered. The black intaglio plate-printed inks on face appear as if they were just laid down yesterday, deeply contrasted to the underlying clean, crisp, blast-white paper. And the fierce, golden-orange overprinted elements and back design serve as a stunning, aesthetically-delightful reminder of the very precious metal that once supported this in-kind paper monetary instrument, on deposit in the US Treasury and available for conversion at a rate of $20 per ounce, whenever its bearer decided to make the demand.
“To say that we are proud to offer such a spectacular example of this extremely popular U.S. type note is an understatement,” says Peter A. Treglia, vice president and managing director of currency for Stack’s Bowers Galleries. “It is certainly one of the nicest we’ve ever had the pleasure of handling. The immaculate state of preservation and lofty grade issued by PCGS Banknote are sure to draw intense interest from collectors looking to obtain only the very best material available,” he continues, referencing Stack’s upcoming Spring 2026 Showcase Auction where the note will be publicly offered. The sale takes place the week of March 9-13, when just one distinguished suitor will be able to claim this spectacular rarity as their own.