<!--   HTML  -->
<input id="password-clear" type="text" value="Password" autocomplete="off" /> 
<input id="password-password" type="password" name="password" value="" autocomplete="off" />

//  CSS

#password-clear {
    display: none;
}

// JQUERY

$('#password-clear').show();
$('#password-password').hide();

$('#password-clear').focus(function() {
    $('#password-clear').hide();
    $('#password-password').show();
    $('#password-password').focus();
});
$('#password-password').blur(function() {
    if($('#password-password').val() == '') {
        $('#password-clear').show();
        $('#password-password').hide();
    }
});

http://www.electrictoolbox.com/jquery-toggle-between-password-text-field/

There are two input fields for password.. One is of type text and the other is password.    Their visibility is basically toggled.

Jquery Password field disappearing default

jQuery