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<p>[QUOTE=&quot;Dave M, post: 3614888, member: 17469&quot;]That background image isn&#039;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&#039;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&#039;s, and found a couple with similar variation to yours.</p><p><br /></p><p><a href="https://www.moneyfactory.gov/hmimoffsetprinting.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.moneyfactory.gov/hmimoffsetprinting.html" rel="nofollow">https://www.moneyfactory.gov/hmimoffsetprinting.html</a>[/QUOTE]</p><p><br /></p>

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