Coin 2 Mils Bronze 1927 Holy Land The Palestine Pound פֿוּנְט פַּלֶשְׂתִינָאִי א For Sale
Israel coin 1927
The Palestine pound (Arabic: جنيه فلسطيني, junyah filastini; Hebrew: Israel Palestinian font)), funt palestina'i (eretz-yisra'eli), also Hebrew: Pound Israel)) lira eretz-yisra'elit ) was the currency of the British Mandate of Palestine from 1927 to May 14, 1948 and of the State of Israel between May 15, 1948 and August 1948, when it was replaced with the Israeli lira. It was divided into 1000 mils (Arabic: Arabic: مل, Hebrew: Hebrew: mi).The Palestine pound was also the currency of Transjordan until 1949 and the West Bank until 1950
Until 1918, the region known asPalestinewas an integral part of theOttoman Empireand therefore used its currency, theOttoman lira. Following the institution of theBritish Mandate for Palestine, theEgyptian poundalso circulated alongside theOttoman lirauntil 1927. This created an unsatisfactory situation which required a currency reform. The Palestine pound was introduced, equal in value to thePound sterling. The Palestine pound was also declared a legal tender in the Transjordan Emirate, which was technically a part of the British Mandate, though having an autonomous local administration. The body which governed the issue of the currency was the Palestine Currency Board, which was subject to the BritishColonial Office. The Currency Board was dissolved in May 1948, as the British Mandate ended. The area in which the Palestine pound circulated was divided into several political entities: theState of Israel, theHashemite Kingdom of Transjordan, theJordanian-occupied West Bankand theEgyptian-occupied Gaza Strip.
In Israel, there was a transitional period of 4 years between the end of the British Mandate and the adoption of a fully independent currency system. Between 1948 and 1952 the Palestine pound continued to be a legal tender. In August 1948, new banknotes were issued by theAnglo Palestine Company, owned by theJewish Agencyand based in London.
InJordan, the Palestine pound was replaced by theJordanian dinarin 1949. In 1949, Jordan annexed theWest Bank, but the Palestine pound continued to circulate until 1950. The Jordanian dinar is still legal tender in the West Bank along withIsraeli shekel.
In the Gaza Strip, the Palestine pound circulated until April 1951, when it was replaced by the Egyptian pound, three years after the Egyptian army took control of the territory. Today, Gaza Strip inhabitants mostly use the Israel shekel.
In theOslo AccordsthePalestinian Authoritywas debarred from issuing its own currency and constrained to remain dependent on the Israeli or Jordanian currencies. However, the Palestinians were able to issuepostage stampsand these were valued in terms of the Palestine pound, which Palestinian economists and officials declared to be a still-existent (though at present "dormant") currency, to be revived after Palestinian independence. In practice, prices in the Palestinian territories are quoted in Israel currency.
There was a report that the Palestinian authorities were considering issuing new banknotes and coins in 2011.This, however, never came to fruition.
In 1928, coins were introduced indenominationsof 1, 2, 5, 10, 20, 50 and 100 mils. The 1 and 2 mils were struck in bronze, whilst the 5, 10 and 20 mils were holed, cupro-nickel coins, except for duringWorld War II, when they were also minted in bronze. The 50 and 100 mils coins were struck in .720 silver.
All the denominations were trilingual The Hebrew inscription includes the initials Alef Yud after "Palestina", for "Eretz Yisrael" (Land of Israel). The last coins were issued for circulation in 1946, with all 1947 dated coins being melted down