As far as I was aware ...
The Licence was just that a Licence to Marry, they could have been married that day or any time after; or, not at all.
On a some of such "Marriage Licences", I have seen that the parties were in fact married; and, that was sometimes, on the "Bottom" Half of the Licence; or, at other times, on the "Reverse" (side) of the Licence (ie. the NEXT "Image").
Very much like English "Marriage Banns", where such was NOT an indication that the Couple were Married; even, on the Third Reading of the Banns; or, if, in fact, for that matter, at all (eg. they could have been Married at a later date in another Parish altogether; or, not at all)
Just my thoughts.
It depends on the state laws both now and then. Currently, licenses do expire, except in 5 states and D. C. There are also waiting periods before the ceremony can be performed in many states. The same applied in the 1920's. There were also "Gretna Greens" in the United States where people eloped, with no waiting period, no blood tests, etc. You would have to research the history of marriage licensing and laws in the state that concerns your records.