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The Egyptian pound (at the fixed rate of £P1 = £E0.975) and the British gold sovereign remained legal tender until 1 March 1928. [8] [10] The Palestine Currency Order explicitly excluded Transjordan from its application, but the Government of Transjordan decided to adopt the Palestine pound at the same time as Palestine did.
The Palestine pound was not, however, used in conjunction with the normal sterling shillings and pence coinage. It was used with a decimal system in which it was divided into 1,000 mils. The Currency Board was dissolved in May 1948, with the end of the British Mandate, but the Palestinian pound continued in circulation for a transitional period:
The Palestine pound, used as the currency of the British Mandate for Palestine from 1927 to 1948, was divided into 1,000 mils. Its successor currencies, the Israeli lira and the Jordanian dinar retained the 1 ⁄ 1000 division, respectively named the pruta and fils .
Ottoman Turkish pound – Ottoman Empire; Palestine pound – British Mandate of Palestine; Papal pound – Papal states; Parisian pound – France; Parman pound – Parma; Pennsylvania pound – Pennsylvania; Peruvian pound – Peru; Pound sterling – United Kingdom, British Indian Ocean Territory (accepted) Prince Edward Island pound ...
The Israeli pound (לירה ישראלית, "lira yisraelit") was the currency of the State of Israel from June 1952 until it was replaced with the shekel on 24 February 1980. From 1955, after the Bank of Israel was established and took over the duty of issuing banknotes , only the Hebrew name was used, along with the symbol "IL". [ 8 ]
Palestine is a polysemy refering to a geographical area (a.k.a among Jews: Land of Israel), a political entity under British mandate 1917-1948 and a political entity of Palestinian Arabs a.k.a West Bank and Gaza or The Palestinian Territories. Israel continued to use the Palestine pound until 1952, when it was replaced by the Israeli lira.
The British Mandate of Palestine was created in 1918. In 1927 the Palestine Currency Board, established by the British authorities, and subject to the British Secretary of State for the Colonies, issued the Palestine pound (£P) which was legal tender in Mandate Palestine and Transjordan. £P1 was fixed at exactly £1 sterling.
This page is subject to the extended confirmed restriction related to the Arab-Israeli conflict. Economy of Palestine Ramallah, the financial hub of Palestine Currency No official currency. Currencies generally used in Palestine include: Egyptian pound (EGP) Israeli new shekel (ILS; ₪) Jordanian dinar (JOD) United States dollar (USD) Fiscal year Calendar year Trade organisations OIC, Group ...