I got three $20 bills, the water markings on two are positioned higher up than the other. Is this typical or not? It’s the stick that seems to be floating or misaligned. Also, the leaves near Jackson’s ear be hitting or aligned differently.
That background image isn't a watermark, it is a faint design printed by offset printing on a pass prior to the black intaglio of the main design. Since it's a separate process, there will be slight variations of registration between the passes, same as when they print the serial numbers. I looked through a stack of maybe 30 $20's, and found a couple with similar variation to yours. https://www.moneyfactory.gov/hmimoffsetprinting.html