Honor points were a valuable currency, to be honest, because they provided something money couldn't buy. With honor points, one could borrow rare books and spellbooks. Many runesmiths in Highsword used the system to test their new runic weapons, and the academy offered access to a variety of runic tools in exchange for it.
Highsword never sold their weapons, though they did offer some utility tools. However, these were nothing compared to the expansive markets controlled by the empire. Many noble houses from other kingdoms specialized in crafting unique tools or runic weapons and had better markets than Highsword. Highsword only sold their items to those who traveled to their island - Well, not like they needed money.
Some of Highsword's high-value items bought with honor points were so precious that many minor nobles treated them as family heirlooms, passing them down through generations.