Listed in M&R as 2PC-1, this depression scrip is a 1933 Honolulu Clearing House Certificate $1 from the Territory of Hawaii.
These certificates were short lived and only issued in reaction to March 1933 Emergency Banking Act or “Banking Holiday” during the Great Depression. If you remember your US history, within a month (April 1933) Executive Order 6102 was signed by U.S. President Franklin D. Roosevelt “forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States”. These were harsh monetary times and the government took action.
As part of the banking holiday, all the banks in the Territory of Hawaii quickly formed the Honolulu Clearing House Association. This association issued 750,000 of these $1 certificates. At the end of the redemption period, a mere 2,412 of these certificates were left outstanding. This small surviving number makes these notes scarce today.
The $1 notes are known for the Liberty Head medal (center) and bi-planes on each side. The blue ink on white paper makes the note’s visual uniqueness pops at you.
This high grade specimen resides in my personal collection.