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Numismatic History - The Hawaiian FRN
Good morning and welcome to a Marvelous Monday! So, today starts a new path for us at AtlantaCoin and Precious Metal Musings™. Last Friday I told you that we would begin sharing the passion we have for numismatics (the study of coins and currency) and some of the history as it relates to the understanding of money and payment media. I want to again thank Doug and Joseph Meadows of David Douglas Diamonds & Jewelry for their help in rekindling my passion. They are a couple of market “trend setters” and can be visited here www.daviddouglas.com/ or in person at 3605 Sandy Plains Road, #260, Marietta, Georgia 30066. We hope you enjoy the ride with us… Until then, grab a cup of coffee and pull up a chair. Danny O’Keefe greets me this morning with his 1972 hit, Good Time Charlie’s Got The Blues.
This morning I want to take a look at what most of us would consider a standard or normal looking twenty dollar bill. Okay, maybe a little different as this Federal Reserve Note does have the word Hawaii printed on its face and on the back and an unusual brown U.S. Seal. Here’s why…
The Hawaiian Territory was incorporated as a Territory of the United States in 1898 and remained that way until August 12 of 1959. As a territory, the people of the islands used the standard coins and currency that we all use as a medium of monetary exchange. This is true today in the territories of Puerto Rico and Guam. The standard Federal Reserve Notes that we are familiar with were used during this period with a few exceptions*. Now before I go any further, let me also explain what the words “Series of 1935” to the left and below-right of Andrew Jackson’s image mean.
The series of any note/currency does not necessarily represent the year it was printed. The series only changes when a change to the note design occurs. The Federal Reserve Note had changed in 1928, 1934, then once more in 1935. The note wasn’t changed again until 1950. So, during this period which included WWII, the notes remained unchanged with this exception. Due to the attack of Pearl Harbor in 1941, the United States was concerned that an invasion was imminent. To protect our money supply from the Japanese, the Treasury decided to replace the currency in Hawaii from “standard series” currency to these notes with Hawaii clearly printed on them from 1942 through 1944. The U.S. Seal color was also changed from the standard green to brown to further the distinction.
If the islands were to have fallen into the hands of the enemy, such notes could be repudiated and would have no value on world markets. Thankfully, the United States was able to insure that the Hawaiian Islands were never lost; and so today, we are able to enjoy collecting specimens of a unique piece of our history.
So how common are these? The Hawaiian overprint was produced on 35,256,000 $1, 25,260,000 $5, 10,424,000 $10, and 11,300,500 $20 notes. After the war, most were turned in to the banks and replaced and destroyed. It is unknown how many survived these past seventy-five years, but we see a very small fraction of those printed.
* A Yellow Seal Silver Certificate was also produced and issued for allies in North Africa and the Mediterranean Sea area during the same period.
If you want to see or purchase this currency, visit us at David Douglas Jewelry.
Well, I’ll let that be it for today. Go out there and make a difference! See ya later!
*Disclaimer: Precious Metal Musings™ is written for entertainment and news purposes only and should not be used in making purchases and/or sales of precious metals.