We had a Fine 15 1869 $20 rainbow sell for $3,000 in our July auction. The example here is much nicer. PCGS has graded it as a Very Fine 30 noting restorations (which appear to be in the upper right margin). It is a rare treat to be able to offer such a rare type note in back to back auctions. Most collectors who choose to collect 1869 rainbow notes usually stop at the ten dollar denomination. Twenty dollar banknotes are just too difficult to locate and out of the budget of many collectors. Consider how much money twenty dollars represented just a few years after the civil war ended. These were issued during a time period when the general public overwhelmingly preferred coins, especially gold and silver coins, to paper money. Higher denominations like this were printed in limited quantities and they traded hands frequently as no one wanted to get stuck with the hot potato of a potentially valueless piece of paper. Those are the two main reasons why you see so few 1869 $20 rainbow notes and why the ones that do exist are frequently very low grade.

PCGS Very Fine 30 Apparent