Palestine – British Mandate - 500 mils (1939) Banknote – Very Rare

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Palestine – British Mandate - 500 mils (1939) Banknote – Very Rare :
$390.00

Palestine – BritishMandate - 500 mils (1939) Banknote – Very Rare!

The Palestine Currency Board was appointed in 1926 by the BritishSecretary of State for the Colonies, and was in charge of the introduction andcontrol of currency in Palestine under the British Mandate. The activities ofthe this board, completely independent of local government, were confined tothe issue of currency banknotes which were backed by an equivalent amount ofSterling in London. On February 7, 1927, The Palestine Currency Order createdthe Palestine pound which was divided into 1000 mils. The 1927 Currency Orderspecified that banknotes be issued in denominations of 500 mils, £P1, £P5,£P10, £P50, and £P100. These banknotes were issued from November 1, 1927 on theeve of the tenth anniversary of the Balfour Declaration until the termination ofthe mandate in 1948, when over 59 million Palestine pounds were in circulation.In all, there are 22 denomination-date combinations possible for collectors.The banknotes were printed by the London firm of Thomas de la Rue and Company,Limited in one litho-tint and two direct plate workings. Each denomination wasset forth, both in figures and words, in trilingual legends and inscriptions inEnglish, Arabic, and Hebrew.

From their original issue of September 1, 1927, banknotes of thePalestine Currency Board were legal tender in Israel until September 15, 1948,even though the State of Israel was formed four months earlier on May 14.Beyond September 15, all banknotes were to be redeemed for an equivalent amountin British pounds. Besides Israel, the banknotes were legal tender in Egypt(Gaza Strip) until June 9, 1951 and in Trans Jordan until September 30, 1950.

·Item: Palestine, 500 mils

·Year: 1939

·Condition: F/VF

·CatalogNumber: P-6c

·Status: VERY RARE !!!

·Originality:Guaranteed

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