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    Description

    Issued $5 Hawaii Silver Certificate of Deposit

    Hawaii Republic of Hawaii $5 Silver Certificate of Deposit 1895 (1897) Series C Pick 11
    Years of political turmoil preceded Hawaii becoming a Republic on July 4, 1894. In 1895 the minister of finance was given the authority to issue currency under the auspices of the Republic. Currency issued was to be "payable to the bearer on demand without interest upon setting apart as a special deposit an equal amount of Gold Coin of the United States of America and Silver Coin of the Hawaiian Islands or the United States of America as security for the redemption of such certificates respectively." A 100% metal backed issue was a rarity for most governments of the day, let alone a small enclave like the Republic of Hawaii. By 1897, notes in denominations of $5, $10, $20, $50, and $100 were printed by the American Bank Note Co. and ready for issue. The $5 and $10 silver-backed notes were issued in the largest but still paltry quantities of 10,000 for each denomination. Three years later, the islands became a territory of the United States and by 1905, all the currency issued under the Republic of Hawaii was demonetized.

    According to Donald Medcalf and Ronald Russell's reference, Hawaiian Money, the last note presented for redemption in 1916. The Treasury records indicated just 15 of the $5 notes remained outstanding. As of the 1990 release of the second edition of their book, Medcalf and Russell recorded just eleven uncancelled survivors and two cancelled examples. The two cancelled examples were part of the Hawaii State Archives. If the Treasury records are accurate, most of the 15 unredeemed notes are part of the current census, which we place at 13 notes. Most examples are heavily worn, with the last issued example gracing our auctions realizing nearly $10,000 in our 2010 Memphis Signature Auction. That piece was a well, but evenly circulated PCGS Fine 15. Full margins frame this PMG graded Very Fine 25 example. It saw far less circulation, though some minor staining is noted. As with many notes in the Very Fine range, a couple of pinholes are seen and mentioned by the grading service. This truly scarce Hawaiian rarity should easily surpass the price we set in 2010.


    Auction Info

    Auction Dates
    January, 2013
    9th-14th Wednesday-Monday
    Bids + Registered Phone Bidders: 1
    Lot Tracking Activity: N/A
    Page Views: 4,576

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