This an unlisted so called dollar (or medal) that was missed by Hibler and Kappen (and also by Medcalf & Russell).
Most collectors get confused thinking its an Australian medal/token.
This medal should be listed in the Hawaiian numismatic guidebooks.
As you can plainly see, this is a 1925 United States Fleet medal that identifies the location visits. Hawaii is listed on the right side on the obverse and in the center of the reverse..
The below article snippet was taken from The Hawaiian Annual for 1926, by Thos. G. Thrum. As the second paragraph states the significance of Hawaii to the U.S.
The full article can be found at (click the first location bar (blue) to the right of the Google reader.