January 1942, one month after Pearl Harbor was bombed by
the Japanese, the
government fearing enemy invasion announced that "New Money" was on its way.
Planned to start on July 1942 (it was extended to August 15, 1942) special notes
imprinted with "Hawaii" would be the only legal tender and would have no value
outside Hawaii. The new money was to consist of $1, $5, $10 and $20
denominations. Brown seals and serial numbers would replace the green and
blue ones and the word "Hawaii" would appear twice on the front and once really
big across the back. The old money would no longer be legal tender in Hawaii.
Due to citizen resistance, it took 27 months to complete the transition and to have
the new money in circulation. The government then appointed a special committee
to dispose of some 200 million dollars of old money. First, it was sent to the
Nuuanu Cemetery on Oahu to be burned in the crematory, but they could not
handle the enormous quantity of notes. After much discussion, it was then hauled
to the Aiea Sugar Mill on Oahu and it was there that it was incinerated."
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