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The 1934A $10 Hawaii Federal Reserve Note is a historically significant piece of United States currency, issued during one of the most turbulent periods in modern American history—World War II. In the wake of the attack on Pearl Harbor in December 1941, the U.S. government was concerned that the Hawaiian Islands might be invaded by Japanese forces. To prepare for this possibility, special emergency-issue notes were printed for use in Hawaii that could easily be demonetized if captured by the enemy. These notes were intended to function solely within the territory and were distinguishable from standard currency by their bold overprints and distinctive coloration. The 1934A $10 Hawaii note is a tangible reminder of the wartime climate, martial law in Hawaii, and the extraordinary steps taken to secure American currency against the threat of occupation.
Design-wise, the 1934A $10 Hawaii note retains the core layout of other Federal Reserve Notes of the same denomination and era but includes unique features that make it instantly recognizable. The front of the note features the familiar portrait of Alexander Hamilton at the center-right, with the Treasury seal and Federal Reserve identifiers displayed to the left. However, unlike standard issues, these Hawaii overprint notes have two large, dark brown "HAWAII" inscriptions printed vertically along both sides of the portrait. The Treasury seal and serial numbers are also printed in matching brown ink rather than the typical green, making them stand out visually. On the back, the design showcases the Treasury Building in Washington, D.C., but is overprinted with a massive "HAWAII" spanning nearly the entire width of the note. These design elements ensured that, if the notes fell into enemy hands, they could be instantly invalidated and removed from circulation.
The 1934A series Hawaii $10 notes were printed exclusively for the Federal Reserve Bank of San Francisco and bear the district identifier “L,” which corresponds to that bank. They were authorized for issue under Executive Order 9102, which was signed by President Franklin D. Roosevelt in March 1942 and directed the military governor of Hawaii to replace all circulating currency with these specially overprinted notes. This emergency measure was deemed necessary as part of the war effort, given Hawaii’s strategic military importance in the Pacific Theater. Between June 25, 1942, and October 21, 1944, over 65 million individual notes were printed across various denominations, including the $1, $5, $10, and $20 notes, all bearing the distinctive Hawaii overprint. The $10 denomination was among the least printed, with a total of 10,499,600 notes issued, making it scarcer than the $1 and $5 Hawaii notes.
These notes were printed at the Bureau of Engraving and Printing (BEP) using standard intaglio printing methods but were modified to include the distinctive brown overprints during a special production run. The overprinting process included an additional pass through printing presses to add the large “HAWAII” markings and brown security features. The 1934A designation refers to a specific series within the Federal Reserve Note issues, with the “A” suffix indicating a minor revision or change in the series from the original 1934 issue. Notes from this series continued to bear the signatures of Treasury Secretary Henry Morgenthau Jr. and Treasurer W.A. Julian, adding to their period authenticity and making them recognizable representatives of early wartime U.S. currency policy.
Though more than ten million $10 Hawaii notes were issued, a significant portion was destroyed following the conclusion of the war, when the emergency need for the overprinted notes had passed. Many of the redeemed notes were incinerated at the Federal Reserve Bank of San Francisco or destroyed in the field by the military. This has made surviving examples, especially in higher grades, particularly collectible. Today, most remaining specimens are in circulated grades, and finding crisp, uncirculated examples can be difficult and costly. Nevertheless, even circulated notes such as those in Fine condition are highly sought after due to their historical context and unique appearance. Collectors value these pieces not only as currency but also as artifacts of a specific moment in American military and economic history.
The 1934A $10 Hawaii note in Fine (F) condition typically exhibits moderate to heavy circulation wear but retains overall integrity. In this grade, the note will show visible signs of handling, such as folds, creases, some soiling, and possibly minor tears or edge fraying. However, all major design elements, including the portrait, overprints, serial numbers, and back printing, remain intact and legible. The paper is usually still firm and not overly limp, though softness at the fold lines and corners is expected. Stains and ink smudges might be present but should not obscure key features. A Fine grade note offers an excellent balance between affordability and collectibility for hobbyists or history buffs seeking a genuine wartime piece without the premium attached to higher-grade specimens.
Collectors are drawn to the 1934A $10 Hawaii note for multiple reasons, ranging from historical importance to visual appeal. The brown seal and overprint set it apart from other contemporary issues, and the dramatic “HAWAII” on the reverse is unlike anything else in U.S. currency history. These notes are frequently included in World War II-themed collections, emergency currency sets, or type collections focusing on $10 bills or Federal Reserve Notes. Their narrative value adds to their market appeal, particularly among collectors who appreciate tangible links to American wartime policy. Even in Fine condition, these notes are strong conversation pieces, often housed in protective sleeves or display albums to preserve their historical and monetary significance.
The scarcity of higher-denomination Hawaii notes also contributes to their collectible nature. While $1 and $5 Hawaii notes are more commonly encountered, the $10 denomination strikes a desirable balance—it is less common but still available in the market, making it a logical upgrade for intermediate collectors. Additionally, their relatively low mintage compared to their lower-denomination counterparts enhances their appeal. Although the $20 Hawaii note is scarcer still, the $10 offers greater availability while retaining historical prestige and visual distinctiveness. Collectors often pursue the entire Hawaii overprint set across all denominations, and the $10 note is a key component in completing that set.
In summary, the 1934A $10 Hawaii Federal Reserve Note in Fine condition is a striking and evocative relic from one of the most pivotal chapters in U.S. and world history. Issued under martial law to prevent enemy exploitation of American currency during World War II, the note features unique design elements that set it apart from standard issues. Printed exclusively for use in Hawaii and bearing the bold “HAWAII” overprint, it embodies a fascinating blend of emergency policy and patriotic design. With a mintage just over ten million and many later destroyed, surviving examples—particularly in collectible but affordable grades like Fine—are treasured for their rarity, historical context, and lasting visual appeal. Whether part of a larger collection or a standalone piece, the 1934A $10 Hawaii note is a compelling addition for anyone interested in wartime numismatics and the resilience of American currency in times of crisis.
