Quick Answer: WWII Hawaiian overprint notes range from $12 for a well-circulated $1 bill to $600+ for uncirculated $20 bills. North Africa yellow seal notes start around $15 for circulated $1 bills. Star note replacements in either series command massive premiums, with Hawaiian $5 star notes valued at $1,400 to $41,000 and the rare 1934 $10 North Africa note fetching $1,150 to $23,000+.
During World War II, the U.S. Treasury created two special emergency currency issues that are among the most historically significant American banknotes ever printed. Hawaiian overprint notes (brown seal, "HAWAII" stamped) were designed to be demonetized if Japan invaded the islands. North Africa yellow seal notes served the same purpose for U.S. troops during Operation Torch.
Today, these wartime notes are prized by collectors for their unique appearance, rich backstory, and relative affordability compared to other rare U.S. currency. This guide covers every denomination, current market values, and what to look for when evaluating your WWII emergency notes.
WWII Emergency Currency Value Quick Reference
| Type | Denomination | Series | Circulated | Uncirculated |
|---|---|---|---|---|
| Hawaii | $1 Silver Certificate | 1935A | $12-$35 | $100-$250 |
| Hawaii | $5 Federal Reserve | 1934/1934A | $25-$85 | $225-$500 |
| Hawaii | $10 Federal Reserve | 1934A | $25-$85 | $225-$500 |
| Hawaii | $20 Federal Reserve | 1934/1934A | $55-$125 | $400-$600 |
| North Africa | $1 Silver Certificate | 1935A | $15-$35 | $125-$300 |
| North Africa | $5 Silver Certificate | 1934A | $30-$75 | $175-$350 |
| North Africa | $10 Silver Certificate | 1934A | $35-$85 | $175-$350 |
| North Africa | $10 Silver Certificate | 1934 (rare) | $1,250-$4,500 | $12,000+ |
Values based on recent Heritage Auctions sales, Greysheet price data, and dealer pricing for circulated to uncirculated examples.
Hawaiian Overprint Notes: History and Background
After the attack on Pearl Harbor on December 7, 1941, U.S. military leaders feared a full-scale Japanese invasion of Hawaii. If the islands fell, Japan would gain access to millions of dollars in American currency stored in banks and held by residents.
Military Governor Lt. Gen. Delos C. Emmons ordered a recall of all U.S. currency in Hawaii on January 10, 1942. Individuals could keep only $200 and businesses $500. Beginning June 25, 1942, the Treasury issued specially overprinted replacement notes with three key security features:
- Brown treasury seal (instead of the standard blue for silver certificates or green for Federal Reserve Notes)
- Brown serial numbers matching the seal color
- Large "HAWAII" overprint on the reverse, with two smaller overprints flanking the obverse
By August 15, 1942, all non-overprinted currency was banned in Hawaii. The plan was straightforward: if Japan captured the islands, the government could declare all "HAWAII" notes worthless overnight. The approximately $200 million in recalled regular currency that could not be shipped back to the mainland was burned in local sugar mill furnaces.
Issuance continued until October 21, 1944, when the threat of invasion had passed. A recall began in April 1946, but many notes survived as souvenirs and collectibles.
Hawaiian Overprint Denominations
Four denominations were produced, all printed by the Bureau of Engraving and Printing:
- $1 (Series 1935A Silver Certificate, Friedberg F-2300)
- $5 (Series 1934 and 1934A Federal Reserve Notes, F-2301 and F-2302)
- $10 (Series 1934A Federal Reserve Note, F-2303)
- $20 (Series 1934 and 1934A Federal Reserve Notes, F-2304 and F-2305)
All Federal Reserve Notes in this series were issued through the Federal Reserve Bank of San Francisco, the Fed district that covers Hawaii.
Hawaiian Overprint Note Values by Denomination
$1 Hawaii Silver Certificate (1935A)
The $1 Hawaii note is the most common denomination, with over 35 million printed. It features George Washington on the front and is technically a silver certificate with the "HAWAII" overprint.
| Condition | Regular Note | Star Note |
|---|---|---|
| Poor/Heavily Circulated | $12-$18 | $100-$155 |
| Average Circulated (VF) | $35-$50 | $200-$400 |
| About Uncirculated | $65-$85 | $700-$1,200 |
| Uncirculated (CU 63-64) | $100-$250 | $1,500-$2,500 |
| Gem Uncirculated (65+) | $300-$2,350 | $3,000-$5,750 |
The $1 is the most affordable entry point for collectors. Even well-circulated examples make compelling display pieces thanks to the prominent "HAWAII" stamping. Star note replacements are considerably rarer and command 5x to 10x premiums.
$5 Hawaii Federal Reserve Note (1934 and 1934A)
The $5 denomination is split between two series. The 1934 series (F-2301) is somewhat scarcer than the 1934A (F-2302), though both carry similar values in most grades.
| Condition | Regular Note | Star Note |
|---|---|---|
| Poor/Heavily Circulated | $25-$40 | $500-$1,400 |
| Average Circulated (VF) | $85-$120 | $2,000-$5,000 |
| About Uncirculated | $150-$185 | $8,000-$15,000 |
| Uncirculated (CU 63-64) | $225-$500 | $20,000-$30,000 |
| Gem Uncirculated (65+) | $1,000-$8,250 | $30,000-$41,000 |
Star notes in the $5 Hawaii series are exceptionally rare. A gem uncirculated example can bring over $40,000 at auction, making them among the most valuable small-size U.S. notes from the 20th century.
$10 Hawaii Federal Reserve Note (1934A)
Only about 8% of all Hawaii overprint notes were $10 bills, making this denomination less common than the $1 or $5. Only the 1934A series exists for this denomination (F-2303).
| Condition | Regular Note | Star Note |
|---|---|---|
| Poor/Heavily Circulated | $25-$40 | $455-$800 |
| Average Circulated (VF) | $85-$125 | $1,500-$3,000 |
| About Uncirculated | $150-$200 | $5,000-$8,000 |
| Uncirculated (CU 63-64) | $225-$500 | $10,000-$15,000 |
| Gem Uncirculated (65+) | $1,000-$8,250 | $15,000-$21,000 |
A PCGS VF-25 $10 Hawaii star note sold at auction for $600, illustrating how even moderately graded star notes carry significant premiums. Professional grading is strongly recommended for any $10 Hawaii note in VF or better condition.
$20 Hawaii Federal Reserve Note (1934 and 1934A)
The $20 is the highest denomination in the Hawaii series. The 1934 variety (F-2304) tends to carry a slight premium over the 1934A (F-2305), particularly in higher grades.
| Condition | 1934 Regular | 1934A Regular | Star Note (Either) |
|---|---|---|---|
| Poor/Heavily Circulated | $55-$75 | $55-$70 | $1,900+ |
| Average Circulated (VF) | $125-$175 | $105-$150 | $3,000-$6,000 |
| About Uncirculated | $300-$400 | $200-$350 | $8,000-$12,000 |
| Uncirculated (CU 63-64) | $500-$600 | $400-$500 | $12,000-$18,000 |
| Gem Uncirculated (65+) | $2,000-$9,500 | $1,500-$6,000 | $18,000-$24,000 |
The $20 Hawaii denomination, particularly the 1934 series, represents one of the most sought-after issues in the WWII emergency series. Star note examples with estimates of $2,000-$2,500 are considered "very rare to find" according to auction house descriptions.
North Africa Yellow Seal Notes: History and Background
While Hawaiian overprint notes guarded against a Pacific invasion, the Treasury created a parallel emergency issue for American troops heading to the European and North African theaters.
When General Dwight D. Eisenhower launched Operation Torch in November 1942, the Allied invasion of North Africa, U.S. troops carried specially marked silver certificates. These notes featured a yellow treasury seal instead of the standard blue, making them instantly identifiable.
The reasoning mirrored the Hawaiian program: if large quantities of U.S. currency fell into German hands (particularly those of Field Marshal Erwin Rommel's Afrika Korps), the government could demonetize all yellow seal notes without affecting the broader money supply.
Yellow seal notes were used during:
- Operation Torch (North Africa invasion, November 1942)
- Allied invasion of Sicily (July 1943)
- Italian campaign operations (1943-1944)
North Africa Denominations
Three denominations were issued, all silver certificates:
- $1 (Series 1935A, Friedberg F-2306)
- $5 (Series 1934A, F-2307)
- $10 (Series 1934A and the rare 1934, F-2309 and F-2308)
North Africa Yellow Seal Note Values
$1 North Africa Silver Certificate (1935A)
The $1 yellow seal is the most commonly encountered North Africa note. Many soldiers kept them as souvenirs after the war, ensuring a reasonable supply for today's collectors.
| Condition | Regular Note | Star Note |
|---|---|---|
| Poor/Heavily Circulated | $15-$22 | $100-$170 |
| Average Circulated (VF) | $35-$55 | $300-$600 |
| About Uncirculated | $75-$100 | $1,000-$2,500 |
| Uncirculated (CU 63-64) | $125-$300 | $3,000-$6,000 |
| Gem Uncirculated (65+) | $500-$4,500 | $8,000-$20,500 |
Even at the low end, a $1 North Africa note is an affordable piece of WWII history. Star note replacements are substantially rarer, with gem examples bringing over $20,000 at Heritage Auctions.
$5 North Africa Silver Certificate (1934A)
The $5 yellow seal note is moderately scarce. It features Abraham Lincoln on the front, the same portrait used on standard $5 silver certificates of the era.
| Condition | Regular Note | Star Note |
|---|---|---|
| Poor/Heavily Circulated | $30-$45 | $235-$400 |
| Average Circulated (VF) | $60-$75 | $600-$1,200 |
| About Uncirculated | $120-$150 | $2,000-$3,500 |
| Uncirculated (CU 63-64) | $175-$350 | $4,000-$5,500 |
| Gem Uncirculated (65+) | $500-$2,200 | $5,500-$7,000 |
$10 North Africa Silver Certificate: The Key Rarity
The $10 North Africa note comes in two varieties, and understanding the difference is critical for collectors.
1934A $10 North Africa (F-2309): The common variety, available at reasonable prices.
| Condition | Regular Note |
|---|---|
| Poor/Heavily Circulated | $35-$50 |
| Average Circulated (VF) | $85-$120 |
| About Uncirculated | $140-$175 |
| Uncirculated (CU 63-64) | $175-$350 |
1934 $10 North Africa (F-2308): The key rarity of the entire WWII emergency series. Far fewer were printed than the 1934A variety, making this one of the most valuable small-size U.S. notes.
| Condition | Value |
|---|---|
| Poor/Heavily Circulated | $1,250-$2,000 |
| Average Circulated (VF) | $4,500-$6,000 |
| About Uncirculated | $8,000-$10,000 |
| Uncirculated (CU 63-64) | $12,000-$18,000 |
| Gem Uncirculated (65+) | $18,000-$23,000 |
If you believe you have a 1934 (not 1934A) $10 North Africa note, check the series designation printed on the front near the bottom. The one-letter difference between "Series of 1934" and "Series of 1934A" can mean a difference of thousands of dollars. Professional grading through PMG or PCGS Currency is essential for this variety.
How to Identify WWII Emergency Currency
Not sure if your old bill is a WWII emergency issue? Here are the key identification features.
Identifying Hawaiian Overprint Notes
- Check the reverse. The most obvious feature is the large "HAWAII" printed across the entire back of the note.
- Look at the treasury seal. It should be brown, not blue or green.
- Examine the serial numbers. They are printed in brown ink, matching the seal.
- Check the series. Hawaiian notes are limited to Series 1935A ($1), 1934/1934A ($5), 1934A ($10), and 1934/1934A ($20).
- Look for small "HAWAII" overprints on the front, flanking the central portrait on both sides.
Identifying North Africa Yellow Seal Notes
- Look at the treasury seal. It should be distinctly yellow (not blue, green, or red).
- Confirm it is a silver certificate. North Africa notes have "Silver Certificate" printed across the top.
- Check the series. Only Series 1935A ($1), 1934A ($5), and 1934/1934A ($10) exist.
- Note the absence of an overprint. Unlike Hawaiian notes, North Africa notes do not have any text overprint. The yellow seal is the only distinguishing feature.
Use the CashScan app to quickly scan and identify your bills. The app can help you determine the series, type, and potential value of any U.S. banknote in your collection.
Factors That Affect WWII Emergency Currency Values
Condition and Grade
Like all collectible currency, condition is the primary value driver. The difference between a circulated and uncirculated example can be 5x to 20x. Key grading considerations for WWII notes include:
- Crispness of the overprint (for Hawaii notes): Faded or smudged overprints reduce value
- Color retention of the seal: Brown (Hawaii) and yellow (North Africa) seals should be vivid
- Paper quality: Notes that saw heavy circulation in tropical climates often show environmental damage
- Centering: Well-centered notes with even margins command premiums
For an in-depth look at grading, see our guide to grading paper money.
Star Notes (Replacement Notes)
Star notes in WWII emergency series are significantly rarer than regular issues. During printing, damaged or misprinted sheets were replaced with "star" notes identified by a small star symbol in the serial number.
Because the total print runs for emergency currency were smaller than regular issues, far fewer replacement notes were produced. This scarcity drives enormous premiums:
- $1 Hawaii star notes: 4x-10x premium over regular notes
- $5 Hawaii star notes: 15x-50x premium (extremely rare)
- $10 Hawaii star notes: 6x-25x premium
- $20 Hawaii star notes: 20x-40x premium
- North Africa star notes: 5x-20x premium across denominations
Check your serial numbers carefully. The star symbol appears at the beginning or end of the serial number. Use our star note lookup tool to check print run data.
Denomination and Series
Higher denominations ($10 and $20) generally command stronger prices because fewer were printed relative to $1 and $5 bills. The 1934 series tends to be slightly scarcer (and more valuable) than the 1934A in denominations where both exist.
The 1934 $10 North Africa note stands alone as the undisputed key date of the entire WWII emergency series, with even poor-condition examples worth over $1,000.
Provenance and History
Notes with documented provenance, such as those from named veteran collections, often bring premiums at auction. Heritage Auctions has sold numerous WWII emergency notes from named collections like the Tabacco Family Collection, where provenance added measurable value to the final hammer price.
Building a WWII Emergency Currency Collection
Starter Collection Strategy
A type set of WWII emergency currency makes an excellent collecting goal. Here is a practical approach organized by budget:
Budget Collection ($150-$300):
- 1 circulated $1 Hawaii note (~$35)
- 1 circulated $1 North Africa note (~$35)
- 1 circulated $5 Hawaii note (~$85)
- 1 circulated $5 North Africa note (~$75)
Intermediate Collection ($500-$1,500):
- All four Hawaii denominations in VF condition
- All three North Africa denominations in VF condition (1934A $10 variety)
- Total: roughly $500-$700 for a nice circulated type set
Advanced Collection ($2,000+):
- Complete type set in AU or better condition
- Add star note examples where budget allows
- Pursue the 1934 $10 North Africa key date
Storage and Preservation
WWII-era notes are 80+ years old and require proper care:
- Store in acid-free currency holders or PMG-approved sleeves
- Keep in a cool, dry environment (avoid humidity, which accelerates deterioration)
- Never clean, press, or attempt to "improve" a note's appearance (this destroys value)
- Consider professional encapsulation through PMG or PCGS for high-value examples
For more collecting tips, see our beginner's guide to collecting paper money.
Where to Buy and Sell WWII Emergency Currency
WWII emergency notes trade actively across multiple venues:
- Heritage Auctions: The largest U.S. currency auction house, ideal for both buying and selling graded examples
- Dealer networks: Many currency dealers carry WWII emergency notes as a regular part of their inventory
- Coin and currency shows: In-person shows offer the chance to inspect notes before purchasing
- Online marketplaces: eBay and specialized forums, though buyer beware on ungraded notes
When selling, professionally graded notes (PMG or PCGS slabs) consistently bring higher prices than raw examples. The grading fee is typically recouped many times over for notes in VF or better condition.
Frequently Asked Questions
Are WWII Hawaiian overprint notes still legal tender?
Yes. Despite the recall effort in 1946, Hawaiian overprint notes remain legal tender at their face value. However, their collector value far exceeds face value, so spending one would be a costly mistake. Even the most worn $1 Hawaii note is worth at least $12 to collectors.
How many WWII Hawaiian overprint notes were printed?
Approximately 65 million Hawaii overprint notes were printed across all four denominations. The $1 denomination had the largest print run at over 35 million notes. Many were recalled and destroyed after the war, so the surviving population is a fraction of the original printing.
What makes the 1934 $10 North Africa note so valuable?
The 1934 $10 North Africa (Friedberg F-2308) had a very small print run compared to the 1934A variety. It is the key rarity of the entire WWII emergency currency series, with even heavily circulated examples valued at $1,250 or more. In gem uncirculated condition, these notes can exceed $20,000.
How can I tell if my WWII note is a star note?
Look for a small star symbol (★) at the beginning or end of the serial number. Star notes are replacement notes printed to maintain serial number sequence when defective sheets were found during production. They are significantly rarer than standard notes in the WWII emergency series. Use our star note lookup tool for print run information.
Should I get my WWII emergency note graded?
Professional grading is recommended for any WWII emergency note in VF (Very Fine) or better condition, and essential for star notes or the rare 1934 $10 North Africa variety. Grading by PMG or PCGS Currency authenticates the note, assigns a standardized grade, and encapsulates it in a protective holder. Graded notes consistently sell for more than comparable ungraded examples.
Can the CashScan app identify WWII emergency currency?
Yes. The CashScan app can scan and identify U.S. banknotes, including special issues like WWII emergency currency. Scan your note to get instant information about its series, type, and estimated collector value.
Looking for values on other types of U.S. currency? Check out our guides to rare dollar bills, silver certificates, error bills, or browse our complete old bills worth money hub. Download CashScan to scan and identify any bill in your collection instantly.
