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I owned five of the Model 20 (1920, 1926) but I have been reducing may cache and I am currently down to three. I believe Savage built about 12,000 between 1920 and 1928. It is difficult to get accurate information about them because proper records don't exist.

Here is the short version of what I read, take it for what it's worth:

The US had just entered World War I but didn't have enough rifles to equip the forces. It took too long to produce a 1903 so alternative sources were sought. Savage, among others, designed a new rifle that they offered to produce to augment the 1903s. The government did not pursue the Savage design, instead the US converted P14 manufacturing assembly lines to produce the 1917 service rifle. As it turned out, many more 1917 rifles were used in WWI than 1903s. Savage was left with an unused design, prototypes, and test receivers.

After the war, GIs returned home with a newly gained appreciation for bolt action rifles. The overthrow of the American levergun was about to be begin. Savage saw a marketing opportunity and decided to resurrect the design they had produced for the military, but this time they would use the action for a lightweight sporter.

Some of the early Model 1920s were manufactured in 30-06. There were only a few 30-06s made so if you ever find one rush out and buy a big lottery ticket because you are one lucky guy. Perhaps the .30-06 rifles were a way for Savage to use the original prototype and test run actions since those had been made for that caliber. We can only speculate.

The debut of the Model 1920 coincided with the appearance of two new Savage cartridges, the .300 Savage and the .250-3000. Nearly all Model 1920s were made in these calibers. It is interesting to note that the size and weight of the Savage action is not far off from the size and weight of the Springfield 1903 action. The Savage action was designed around the 30-06 yet the sporting rifles rifles are extremely light and easy to handle. The Savage action was a blend of Springfield and Mauser features. It has a Mauser type claw extractor but the one on the Savage is only about 2/3 as long. The Savage action retains feed lips for a clip of five rounds of ammunition. If you want to have fun with your rifle, load some .250s on a clip and watch how sweetly those slip into the action from the feed lips. The rear of the Savage bolt has a knob similar to the one on the 1903 service rifles. The breach design is also similar to the 1903. The sliding safety is on the wrist of the stock, behind the action, much like a shotgun safety. It is a very strong action.

One thing some people don't like is that the Savage trigger also serves as the bolt stop. I have read that people lost their bolts while walking through the woods. It was claimed that, with an open bolt, a branch could push on the trigger allowing the bolt to fall out. That seems pretty remote to me, though.

The original model (1920) had a very thin, short barrel, with a fragile front sight. It proved to be too petite for the .300 cartridge. Users of Savage rifles in .300 complained of recoil and it was common for the stock to split at the wrist. Savage subsequently (1926) changed the rifle by using a heavier barrel, a slightly thicker stock, and a little stronger front sight. I think the best model 1920 to own is one in .250 and the best 1926 to own is one in .300.

Sales of the Savage Model 1920 rifles were not as Savage had hoped. The market was filled with military surplus rifles, Remington used its remaining 1917 actions to make sporting rifles, and the era of the "converting" military rifles to sporters was about to begin, including the appearance of Griffin & Howe. Worst of all for Savage, their super light, small bore, hunting bolt rifle was ahead of its time.