After the Pearl Harbor bombing people in Hawaii began saving (perhaps hoarding) currency. A Rational response to whether a severe crisis, including a possible invasion. In January 1942. One month after the bombing, the government outlawed possession of more than $200 in cash (businesses $500). Dollar denominated stocks and bonds were also to be turned in for "safe-keeping". Severe penalties were provided for lawbreakers.
Hawaii citizens patriotically turned in their cash and securities. The government, fearing of enemy invasion, announced that "New Money" was on its way. Planned to start on July 1942, special notes imprinted with "Hawaii" would be the only legal tender, although they would have no value outside of Hawaii. The deadline was extended to August 15,1942 an exception made that any person within the territory may accept the old currency from U.S. Naval and U.S. Marines Corp personnel in uniform the old money, in turn, would not be legal tender in Hawaii. The complete switch because of some citizen resistance took 27 months. For the remainder of the war, all U.S. dollars carried by entering servicemen or civilians had to be exchanged into new money and reconverted upon leaving. The military police were authorized to open and inspect safety deposit boxes, searching for U.S. currency without the "Hawaii" overprint.
The "wartime" U.S. currency notes were overprinted with "HAWAII" in large letters in black, horizontally across the back, and in small letters vertically at each end of the face of the note. The seal and serial numbers were printed in brown. These were first issued June 8,1942. After August 15,1942 it was illegal to possess, without a license, the regular U.S. notes. These notes were legal tender only in the Hawaiian, Midway, and Palmyra Islands. Restrictions were removed on October 21,1944. They were then free to circulate worldwide including the mainland. In April 1946 the special notes were withdrawn and replaced with regular currency.
The $1 note was overprinted on series 1935A silver certificates. The $5,$10,$20 notes were overprinted on Federal Reserve notes of the twelfth (San Francisco) district. The $5 and $20 notes were overprinted on notes of series 1934 and 1934A. The $10 note was printed on the 1934A series only. All notes were printed 12 notes per sheet.
Credits: Hawaiian Money Standard Catalog "Second Edition" by Don Medcalf on behalf of Hawaii Island Stamp & Coin
Here are images of the currency used by Hawaiian government during those days.
*RARE* Hawaii Error note
The $5 notes are the SCARCEST of these four types, as $5 bills tended to be the most circulated, and the fewest that survived in nice condition. It is just plain HARD to find these in fairly priced collector grades! There are some other Hawaiian notes as shown below.
Other Hawaiian notes and Republic of Hawaii notes:
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