Country ISO code: PS
Official language: Arabic
Language ISO code: ar
Current official currency: No official Palestinian currency; primarily uses Israeli Shekel (ILS), Jordanian Dinar (JOD), Iraqi Dinar (IQD) in the West Bank, and Egyptian Pound (EGP) in the Gaza Strip.
Current currency ISO codes: ILS, JOD, IQD, EGP (depending on region)

Complete Financial History of the British Mandate Palestine and Palestinian Territories

1. Palestine Pound

• ISO Code: Not official (historical)

• Singular name: Pound

• Plural name: Pounds

• Monetary subdivision: 1 Pound = 1000 Mils

• Fraction name (singular): Mil

• Fraction name (plural): Mils

• Initial production date: November 1, 1927

• Final production date: May 14, 1948 (officially under British Mandate); continued use in Israel until 1952 and parts of West Bank and Transjordan until 1950

• Initial circulation date: 1927

• Final circulation date: 1950 (West Bank), 1951 (Gaza), 1952 (Israel)

• Mint: Coins minted under Palestine Currency Board supervision, in bronze, cupronickel, and .720 silver

• Issuing bank: Palestine Currency Board (under British Mandate)

• Minted coin denominations: 1, 2, 5, 10, 20, 50, and 100 mils

• Printed banknote denominations: 500 mils, 1, 5, 10, 50, and 100 Palestine pounds

Economic Historical Context

• The Palestine Pound was introduced by the British administration to replace the Ottoman lira, pegged to the British pound sterling.

• It was a decimal currency divided into 1000 mils, an unusual subdivision at the time.

• Coins and banknotes featured inscriptions in Arabic, English, and Hebrew, reflecting the population’s diversity.

• After the end of the British Mandate in 1948, the currency continued in use in various territories until gradually replaced by neighboring national currencies.

• Palestine has never had its own official currency since the Mandate, relying on foreign currencies from neighboring countries and Israel.

Mints / Production Locations

• Coins were minted under British supervision, at UK mints and possibly other British Empire mints.

• Banknotes were printed by the Palestine Currency Board under the British Colonial Office.

Designs / Symbols on Coins and Banknotes

• Coins featured symbols such as olive branches (a symbol of peace), trilingual inscriptions, and mil denominations.

• Banknotes had Arabic, English, and Hebrew texts with official, sober designs.

Print Runs / Honorees and Signatories

• Print runs varied by year and denomination; 1947 coins were melted before circulation.

• No personal honorees; designs focused on neutral official symbols.

Curiosities / Commemorative Coins

• No significant official commemorative coins were issued for the Palestine Pound.

Current Circulation Status

• The Palestine Pound is no longer in circulation since the mid-20th century.

• Currently, there is no official Palestinian currency; Israeli Shekel, Jordanian Dinar, Iraqi Dinar, and Egyptian Pound circulate depending on the region.

Issuing Authority

• Palestine Currency Board (during British Mandate)

Relevant Monetary Legislation

• Regulated under the British Mandate; after the Mandate ended, territories adopted their own or foreign currencies.

Banknote Signatories

• Official signatures of the Palestine Currency Board, without specific individual names highlighted.

People Honored on Coins and Banknotes

• Not applicable; neutral designs without personal figures.

This report provides the financial history of the Palestine Pound during the British Mandate and its subsequent use in Palestinian territories, highlighting that today there is no official Palestinian currency, with foreign currencies used depending on the region.