Palestinian pound
Encyclopedia
The Palestine pound was the currency of the British Mandate of Palestine between 1927 and 1948. It was divided into 1000 mils (Arabic: , Hebrew: ). The Palestine pound was also the currency of Transjordan
until 1949 and the West Bank
until 1950.
and therefore used its currency
. Following the establishment of the British mandate of Palestine, the Egyptian pound
also circulated alongside the Turkish money until 1927. This created an unsatisfactory situation which required a currency reform. The Palestine pound was introduced, equal in value to the pound 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 British Colonial 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: the State of Israel, the Hashemite Kingdom of Jordan, the West Bank
and the 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 the Anglo Palestine Company (owned by the Jewish Agency and based in London).
In Jordan
, the Palestine pound was replaced by the Jordanian dinar
in 1949. In 1949, Jordan annexed the West Bank
, but the Palestine pound continued to circulate until 1950. The Jordanian dinar is still legal tender in the West Bank along with Israeli currency.
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 Israeli currency.
In the Oslo Accords
the Palestinian Authority was debarred from issuing its own currency and constrained to remain dependent on the Israeli or Jordanian currencies. However, the Palestinians were able to issue postage stamps
and 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 Israeli currency.
For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.
There is a report that the Palestinian authorities are considering issuing new banknotes and coins in 2011.
of 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 during World 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 in Arabic
, English
and Hebrew
(though the Hebrew inscription includes the initials Alef Yud after "Palestina", for "Eretz Yisrael"). The last coins were issued for circulation in 1946, with all 1947 dated coins being melted down.
The 100 pound note was equivalent to 40 months wages of a skilled worker in Palestine. Currently six of them are unaccounted for and four are known to exist in the hand of collectors. Their serial numbers and dates are:
Transjordan
The Emirate of Transjordan was a former Ottoman territory in the Southern Levant that was part of the British Mandate of Palestine...
until 1949 and the West Bank
West Bank
The West Bank ) of the Jordan River is the landlocked geographical eastern part of the Palestinian territories located in Western Asia. To the west, north, and south, the West Bank shares borders with the state of Israel. To the east, across the Jordan River, lies the Hashemite Kingdom of Jordan...
until 1950.
History
Until 1918, the region known as Palestine was an integral part of the Ottoman EmpireOttoman Empire
The Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...
and therefore used its currency
Ottoman lira
The Ottoman lira was the currency of Ottoman Empire between 1844 and 29 October 1923 . It replaced the kuruş as the principal unit of currency, with the kuruş continuing to circulate as a subdivision of the lira, with 100 kuruş = 1 lira. The para also continued to be used, with 40 para = 1 kuruş...
. Following the establishment of the British mandate of Palestine, the Egyptian pound
Egyptian pound
The Egyptian Pound is the currency of Egypt. It is divided into 100 Qirsh , or 1,000 Milliemes ....
also circulated alongside the Turkish money until 1927. This created an unsatisfactory situation which required a currency reform. The Palestine pound was introduced, equal in value to the pound sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
. 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 British Colonial Office
Colonial Office
Colonial Office is the government agency which serves to oversee and supervise their colony* Colonial Office - The British Government department* Office of Insular Affairs - the American government agency* Reichskolonialamt - the German Colonial 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: the State of Israel, the Hashemite Kingdom of Jordan, the West Bank
West Bank
The West Bank ) of the Jordan River is the landlocked geographical eastern part of the Palestinian territories located in Western Asia. To the west, north, and south, the West Bank shares borders with the state of Israel. To the east, across the Jordan River, lies the Hashemite Kingdom of Jordan...
and the Gaza Strip
Gaza Strip
thumb|Gaza city skylineThe Gaza Strip lies on the Eastern coast of the Mediterranean Sea. The Strip borders Egypt on the southwest and Israel on the south, east and north. It is about long, and between 6 and 12 kilometres wide, with a total area of...
.
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 the Anglo Palestine Company (owned by the Jewish Agency and based in London).
In Jordan
Jordan
Jordan , officially the Hashemite Kingdom of Jordan , Al-Mamlaka al-Urduniyya al-Hashemiyya) is a kingdom on the East Bank of the River Jordan. The country borders Saudi Arabia to the east and south-east, Iraq to the north-east, Syria to the north and the West Bank and Israel to the west, sharing...
, the Palestine pound was replaced by the Jordanian dinar
Jordanian dinar
The dinar is the currency of Jordan. The dinar is divided into 10 dirham, 100 qirsh or 1000 fils....
in 1949. In 1949, Jordan annexed the West Bank
West Bank
The West Bank ) of the Jordan River is the landlocked geographical eastern part of the Palestinian territories located in Western Asia. To the west, north, and south, the West Bank shares borders with the state of Israel. To the east, across the Jordan River, lies the Hashemite Kingdom of Jordan...
, but the Palestine pound continued to circulate until 1950. The Jordanian dinar is still legal tender in the West Bank along with Israeli currency.
In the Gaza Strip, the Palestine pound circulated until April 1951, when it was replaced by the Egyptian pound
Egyptian pound
The Egyptian Pound is the currency of Egypt. It is divided into 100 Qirsh , or 1,000 Milliemes ....
, three years after the Egyptian army took control of the territory. Today, Gaza Strip inhabitants mostly use the Israeli currency.
In the Oslo Accords
Oslo Accords
The Oslo Accords, officially called the Declaration of Principles on Interim Self-Government Arrangements or Declaration of Principles , was an attempt to resolve the ongoing Palestinian-Israeli conflict...
the Palestinian Authority was debarred from issuing its own currency and constrained to remain dependent on the Israeli or Jordanian currencies. However, the Palestinians were able to issue postage stamps
Postage stamps and postal history of the Palestinian National Authority
The Palestinian National Authority began in 1994 to issue stamps and operate postal services as authorized by the Oslo Accords.-Postal service:Starting in 1994-5, the Palestinian National Authority established post offices throughout the PNA, developed its own unique postmarks and issued stamps....
and 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 Israeli currency.
For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.
There is a report that the Palestinian authorities are considering issuing new banknotes and coins in 2011.
Coins
In 1927, coins were introduced in denominationsDenomination (currency)
Denomination is a proper description of a currency amount, usually for coins or banknotes. Denominations may also be used with other means of payment like gift cards. See also Redenomination.-Subunit and super unit:...
of 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 during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, when they were also minted in bronze. The 50 and 100 mils coins were struck in .720 silver.
All the denominations were trilingual in Arabic
Arabic language
Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book...
, English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
and Hebrew
Hebrew language
Hebrew is a Semitic language of the Afroasiatic language family. Culturally, is it considered by Jews and other religious groups as the language of the Jewish people, though other Jewish languages had originated among diaspora Jews, and the Hebrew language is also used by non-Jewish groups, such...
(though the Hebrew inscription includes the initials Alef Yud after "Palestina", for "Eretz Yisrael"). The last coins were issued for circulation in 1946, with all 1947 dated coins being melted down.
| Palestinian Pound Coinage | ||||||||
|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Date of first minting | ||||
| Diameter | Mass | Composition | Edge | Obverse | Reverse | |||
| 1 mil | 21 mm | 3.23 g | Bronze Bronze Bronze is a metal alloy consisting primarily of copper, usually with tin as the main additive. It is hard and brittle, and it was particularly significant in antiquity, so much so that the Bronze Age was named after the metal... |
Plain | "Palestine" in Arabic Arabic language Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book... , English English language English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria... , and Hebrew Hebrew language Hebrew is a Semitic language of the Afroasiatic language family. Culturally, is it considered by Jews and other religious groups as the language of the Jewish people, though other Jewish languages had originated among diaspora Jews, and the Hebrew language is also used by non-Jewish groups, such... , year of minting |
Value in Arabic Arabic language Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book... , English English language English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria... , and Hebrew Hebrew language Hebrew is a Semitic language of the Afroasiatic language family. Culturally, is it considered by Jews and other religious groups as the language of the Jewish people, though other Jewish languages had originated among diaspora Jews, and the Hebrew language is also used by non-Jewish groups, such... , olive Olive The olive , Olea europaea), is a species of a small tree in the family Oleaceae, native to the coastal areas of the eastern Mediterranean Basin as well as northern Iran at the south end of the Caspian Sea.Its fruit, also called the olive, is of major agricultural importance in the... sprig |
1927 | |
| 2 mils | 28 mm | 7.77 g | ||||||
| 5 mils | 20 mm | 2.91 g | Cupro-nickel | Value in Arabic Arabic language Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book... , English English language English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria... , and Hebrew Hebrew language Hebrew is a Semitic language of the Afroasiatic language family. Culturally, is it considered by Jews and other religious groups as the language of the Jewish people, though other Jewish languages had originated among diaspora Jews, and the Hebrew language is also used by non-Jewish groups, such... |
||||
| 10 mils | 27 mm | 6.47 g | ||||||
| 20 mils | 30.5 mm | 11.33 g | ||||||
| 50 mils | 23.5 mm | 5.83 g | 720‰ Silver Silver Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal... |
Reeded | "Palestine" in Arabic Arabic language Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book... , English English language English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria... , and Hebrew Hebrew language Hebrew is a Semitic language of the Afroasiatic language family. Culturally, is it considered by Jews and other religious groups as the language of the Jewish people, though other Jewish languages had originated among diaspora Jews, and the Hebrew language is also used by non-Jewish groups, such... , year of minting, olive Olive The olive , Olea europaea), is a species of a small tree in the family Oleaceae, native to the coastal areas of the eastern Mediterranean Basin as well as northern Iran at the south end of the Caspian Sea.Its fruit, also called the olive, is of major agricultural importance in the... sprig |
|||
| 100 mils | 29 mm | 11.66 g | ||||||
Banknotes
In 1927, banknotes were introduced by the Palestine Currency Board in denominations of 500 mils, 1, 5, 10, 50 and 100 pounds. Notes were issued with dates up to 1945.| Palestinian Pound Banknotes | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Colour | Description | Date of first printing | Quantity circulated at the end of the Mandate | |||||
| Obverse | Reverse | Obverse | Reverse | Watermark | |||||||
| 500 mils | 127 × 76 mm | Purple | Rachel's Tomb Rachel's Tomb Rachel's Tomb , also known as the Dome of Rachel, , is an ancient structure believed to be the burial place of the biblical matriarch Rachel. It is located on the outskirts of Bethlehem, a Palestinian city just south of Jerusalem, in the West Bank... |
Citadel and Tower of David Tower of David The Tower of David is an ancient citadel located near the Jaffa Gate entrance to the Old City of Jerusalem.Built to strengthen a strategically weak point in the Old City's defenses, the citadel that stands today was constructed during the 2nd century BC and subsequently destroyed and rebuilt by,... |
Olive Olive The olive , Olea europaea), is a species of a small tree in the family Oleaceae, native to the coastal areas of the eastern Mediterranean Basin as well as northern Iran at the south end of the Caspian Sea.Its fruit, also called the olive, is of major agricultural importance in the... sprig |
1 September 1927 | 1,872,811 | ||||
| 1 pound | 166 × 89 mm | Yellowish green | Dome of the Rock Dome of the Rock The Dome of the Rock is a shrine located on the Temple Mount in the Old City of Jerusalem. The structure has been refurbished many times since its initial completion in 691 CE at the order of Umayyad Caliph Abd al-Malik... |
9,413,578 | |||||||
| 5 pounds | 192 × 103 mm | Red | Tower of Ramla Ramla Ramla , is a city in central Israel. The city is predominantly Jewish with a significant Arab minority. Ramla was founded circa 705–715 AD by the Umayyad Caliph Suleiman ibn Abed al-Malik after the Arab conquest of the region... |
3,909,230 | |||||||
| http://www.banknoteworld.com/banknotes/palestine/PalestineP9c-10Pounds-1939-donatedjs_b.jpg | 10 pounds | Blue | 2,004,128 | ||||||||
| 50 pounds | Purple | 20,577 | |||||||||
| 100 pounds | Green | 1,587 | |||||||||
The 100 pound note was equivalent to 40 months wages of a skilled worker in Palestine. Currently six of them are unaccounted for and four are known to exist in the hand of collectors. Their serial numbers and dates are:
- A000719 - 1 September 1927
- A000935 - 1 September 1927
- A001020 – 30 September 1929
- A001088 – 30 September 1929
See also
- Postal history of PalestinePostal history of PalestineThe postage stamps and postal history of Palestine emerges out of its geographic location as a crossroads amidst the empires of the ancient Near East, the Levant and the Middle East...
- Economy of IsraelEconomy of IsraelThe economy of Israel is a technologically advanced market economy, including a rapidly-developing high-tech and service sectors. As of 2010, Israel has the 24th largest economy in the world, and ranks 15th among 169 world nations on the UN's Human Development Index, which places it in the category...
- Economy of the Palestinian territories
- Economy of JordanEconomy of JordanThe economy of Jordan is robust and growing. Its GDP per capita soared by 351% in the 1970s, and after only a slight decline of 30% in the 1980s, grew once again by 36% in the 1990s. Jordan is classified as an emerging market...