20 Dollars - Elizabeth II

The 1965 Bahamas Government series was the first coinage-linked paper issue following the introduction of the Bahamian dollar, which replaced the Bahamian pound at par with the US dollar under the Bahamas (Currency) Act of 1965. The 20-dollar denomination was the highest in the series, and De La Rue produced the full set before the islands achieved independence in 1973 — at which point the issuing authority transferred to the Central Bank of the Bahamas.

Two distinct signature combinations exist for P#23: the earlier Sands/Higgs pairing and the later Francis/Higgs/Smiley-Butler trio, reflecting successive treasury appointments. The three-signature variant is considerably less common in circulated grades, as the changeover occurred late in the note's operational life.