Honky, an African American slang term for a white person, dates to at least 1946. The origin is not quite certain, but it is most likely a dialectical variation on the older term hunky or hunk. This latter terms date to 1909 and 1896 respectively and are probably from Hungarian. Unlike honky, the latter terms are usually used to denote people of Slavic or Central European ancestry and are not primarily used by African Americans.
Also related are hunyak or honyock, which date to c.1907 and are probably compounds of Hun[garian] + [Pol]ack.
All the terms are used contemptuously.