Palestinian pound

Infobox Currency
currency_name_in_local = ‏جنيه فلسطيني‏ ar icon ‏ פונט פלשתינאי (א"י) ‏ he icon
image_1 = Palestine Pound 1939 front.jpg
image_title_1 = 1939 One Palestine Pound
using_countries = British Mandate of Palestine, Emirate of Transjordan
subunit_ratio_1 = 1/1000
subunit_name_1 = mil
used_coins = 1, 2, 5, 10, 20, 50, 100 mils
used_banknotes = 500 mils, 1, 5, 10, 50, 100 pounds
issuing_authority = Palestine currency Board
printer = Thomas De La Rue
obsolete_notice = Y

The pound (Arabic: جنيه ("junyah"), Hebrew: פונט) was the currency of the British Mandate of Palestine between 1927 and 1948. It was divided into 1000 "mils" (Arabic: مل, Hebrew: מיל). The Palestinian pound (called the "Palestine pound" on the banknotes) also served as the currency of Transjordan until 1949 and of the West Bank until 1950. Despite its official name, most Arabic and Hebrew speaking residents of the Mandate referred to it as the "lira". Fact|date=July 2007

History

Until 1918, the region known as Palestine was an integral part of the Ottoman Empire and therefore used Turkish currency. Following the establishment of the British mandate of Palestine, the Egyptian pound circulated until 1927, when the Palestinian pound was introduced, equal in value to the pound sterling. The Palestinian 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 Palestinian pound was The Palestine Currency Board, which was subject to the British Ministry of the Colonies. The Currency Board was dissolved in May 1948, as the British mandate ended following a UN resolution. The area in which the Palestinian 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 Palestinian pound continued to be a legal tender, however on August 1948 new banknotes were issued by the Anglo Palestine Company (owned by the Jewish Agency and based in London). It was still pegged to the pound sterling, and the currency's name in English and Arabic remained unchanged, though the Hebrew name was changed into "lira Eretz Yisraelit". In 1952 it was replaced by the Israeli lira at par.

In Jordan, the Palestinian pound was replaced at par by the Jordanian dinar in 1949. In 1949, Jordan annexed the West Bank, but the Palestinian pound continued to circulate in this territory until 1950 when it was finally replaced by the Jordanian dinar. The Jordanian dinar is still legal tender in the West Bank along with the Israeli currency.

In the Gaza Strip, the Palestinian 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 Agreements 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 Palestinian Pound, which Palestinian economists and officials declared to be a still-existent (though at present "dormant") currency, to be fully revived with the achievement of Palestinian independence. In practice, almost all debts and prices in the Palestinian territories are currently quoted in Israeli currency, due to the tight economic ties between Israel and the Palestinian territories.

Coins

In 1927, coins were introduced in denominations 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.

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.

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

References

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ee also

* Postal history of Palestine
* Postage stamps and postal history of the Palestinian National Authority

External links

* [http://sheqel.info SHEQEL - The Online Catalog of Israel Numismatics 1927 - present]

Standard numismatics external links
world_coin_gallery_1_url = Israel
world_coin_gallery_1_name = Palestine
banknote_world_1_url = israel
banknote_world_1_name = Palestine
banknote_world_1_anchor = palestine
dollarization_1_url = asia
dollarization_1_name = Asia
gfd_1_url = Palestine
gfd_1_name = Palestine
gfd_data_1_url =
gfd_data_1_name =
show_gfd_excel = Y