Saturday, 25 February 2012

Chapter 107 Legal tender

In 1927, the British Mandate introduced the Palestinian Pound as legal tender.

It replaced the Ottoman lira and the Egyptian Pound, which had slipped into circulation following the fall of the Ottoman Empire.

The pound was made up of 1000 mils and, in accordance with Article 22 of the Mandate's charter from the League of Nations, featured the word 'Palestine' in English, Arabic and Hebrew.

The money remained in circulation until Israel's creation in May 1948. It was demonetized in Israel after September 15, 1948; June 9th, 1951 in Gaza; and June 30th, 1951 in Jordan.

Now you can find them in one of the many antique stores around the city. The coins are not expensive however bank notes, rare to find in good condition, can sell for up to 1,000 Jordanian Dinars.

Currently the standard currency throughout the West Bank is the Israeli Shekel. The Jordanian Dinar is also commonly accepted even though the currencies are not tied.

Some consider the Palestinian Pound to be a 'dormant' currency; waiting for its day to come again. 

a one pound note, a large doughnut shaped 20 mil coin, a smaller doughnut (5 mil) a bronze 1 mil and a silver 2 mil

Prints of Palestinian bank notes on a heap of antique coins

The reverse side of a 1927 mil coin

a 1942 1 mil coin

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