Territory of Hawaii Honolulu Clearing House Certificate Ten Dollars RARE

Description

VERY RARE
2PC-3 TEN DOLLARS (325,000 issued-82 outstanding in 1937)
Municipal building (center) biplane each side. Green
Honolulu Clearing House Certificate
At midnight, Sunday, March 5, 1933, after a late night meeting with his cabinet, President Franklin D. Roosevelt made a momentous proclamation that there be a "bank holiday" to be institutions in the United States, territories and insular possessions to suspend all banking transactions. The drain upon the stock of coin, bullion, and currency and the speculation in foreign currency created a national emergency. A provision of the proclamatio
n authorized the issue of "clearing house certificates" of small bills suitable for paying transactions but not convertible into cash. The Honolulu Clearing House Association was immediately formed comprising of all Banks in Hawaii. One, five and ten dollar certificates, backed by deposits of secure collateral, were hurriedly printed in Honolulu,and these were flown by Army planes to the outer islands on Saturday, March 10 at 5:30 A.M. just in time for limited use on that day. By Monday, March 13 banks were able to resume business on a nearly normal basis.
Banks throughout the nation opened a few days after the "holiday" but under strict guidelines to prevent the foreign raid on the American dollar. The certificates by the Territory of Hawaii as well as mainland states were short-lived and soon redeemed at face value. Virtually all were turned in and are very scarce today. Redeemed notes are cancelled by perforation.
Obverse: Same common border for all denominations, except for corner numeral. Different center design, and a different pair of biplanes for each denomination. One biplane on each side of center design. Center design, two biplanes and border printed on a different pale back ground color for each denomination.With HONOLULU CLEARING HOUSE CERTIFICATE with denomination spelled out, two lines of italic, signatures of E.W. Carden, Secretary, George P. Rea, Vice-President, etc. printed in black. Serial number in red.
Reverse: Common design with large numeral denominations in center and smaller numerals in each corner in one background.