1. Series and Type: There were several series of $20 notes issued in 1934, including the 1934A, 1934B, and 1934C series. The series letter is indicated on the note's face. The 1934A and 1934B series are more common, while the 1934C series is relatively scarce and commands a higher value.
2. Condition: The overall condition of the note is crucial in determining its value. Factors such as tears, stains, folds, and creases can significantly impact the note's value. Notes in uncirculated or pristine condition are more valuable than worn or damaged notes.
3. Serial Numbers: The serial numbers on the note can also influence its value. Low serial numbers, such as 00001, are considered more desirable and valuable. Sequential serial numbers or other interesting number combinations can also increase the note's value.
4. Star Notes: Notes with a star (*) symbol next to the serial number are known as "star notes" and are considered more collectible. Star notes are replacement notes issued to banks for damaged or misprinted notes.
5. Grade: Many collectors and dealers use professional grading services to assess the condition of banknotes. A note that has been graded by a reputable grading service, such as the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC), can command a higher value.
Considering all these factors, the value of a 1934 US $20 Federal Reserve note can range from a few hundred dollars for a common note in circulated condition to several thousand dollars for a rare note in uncirculated condition with desirable features such as low serial numbers or a star symbol.
It is always recommended to consult with experts or reputable coin dealers to obtain an accurate appraisal of the value of your specific 1934 $20 note.