The lowest value stamp in the Series of 1922 to use a horizontally-oriented frame, the 20-cent stamp depicts San Francisco’s harbor or 'Golden Gate' prior to the construction of the legendary Golden Gate Bridge. It was the last stamp approved by President Harding's outgoing postmaster general, Hubert Work. Postmaster General Harry S. New approved the die proof on April 11, 1923. In the image, San Francisco lies to the south and Marin County lies to the north. A painting by W.A. Coulter inspired the vignette. The full-rigged ship depicted in the painting and on the stamp was reportedly the “W.F. Babcock.”
Louis S. Schofield engraved the vignette for the 20-cent Golden Gate stamp. Edward E. Meyers engraved the variable lettering in the ribbon Edward M. Hall and Joachim C. Benzing engraved the frame. The stamp was issued both at Washington, D.C., and San Francisco on May 14, 1923. Initially printed on the flat plate press, the stamp was subsequently printed on the Stickney rotary press as well. The stamp is sometimes encountered on airmail and registered mailings.