1 Palestine Pound, Anglo-Palestine Bank, Israel, 1948–1951 (Pick 15)

Historical context

The Anglo-Palestine Bank Limited 1948 1 Palestine Pound = 1000 Mils Color of serial numbering: Red --------------------------------- Other Information: When the leaders of the Yishuv (the Jewish community in British Mandatory Palestine) were engaged in establishing the new State, one of the matters they had to deal with was its currency. As the name of the new nation had not been decided, the question arose as to what would be printed on the banknotes. The banknotes could not be printed in this country as the British Mandate had not yet expired, and also for lack of the required technical expertise. At the same time it was clear that no reputable foreign firm would print money for a nonexistent state. After considerable effort, Siegfried Hoofien, then Chairman of the Board of the Anglo-Palestine Bank, persuaded the American Banknote Company of New York to print the banknotes. To obviate the need for State Department approval for printing banknotes of a foreign country, the notes as ordered gave no indication of their being legal tender. The legend "Legal tender for payment of any amount" was subsequently overprinted. In addition, the company stipulated that its name should not appear on the notes. The design of the banknotes was based on different combinations of guilloches in the company's stock, some of which were used for printing banknotes for China! When the banknotes were ordered, no one yet knew what the name of the new state would be, let alone its currency. It was therefore decided to print "Palestine Pound" on the notes, the currency of the mandate. The banknotes reached this country secretly in July 1948. On August 17 the government passed a law declaring the notes legal tender, and they were put into circulation on the following day.

Physical characteristics

Size

150 × 75 mm

Shape

Rectangular

Material

Paper

Technical characteristics

Printer

American Banknote Corporation (American Bank Note Company), United States (1795-date)

Currency

Palestine Pound (1948-1949)

Signatures

Aharon Barth (AB) (General Manager) · Eliezer Siegfried Hoofien (ESH) (Chairman of the Board)

Demonetized

23 June 1952

Issuing bank

Anglo-Palestine Bank

Design

Obverse

Guilloches; the denomination and "The Anglo-Palestine Bank Limited" in Hebrew and English. Scripts: Hebrew and Latin

Reverse

Guilloches; the denomination and "The Anglo-Palestine Bank Limited" in Arabic and English. Scripts: Arabic and Latin

Obverse lettering

1 / בנק אנגלו-פלשתינה בע"מ / תל-אביב / ישלם למוכ"ז / לירה א"י אחת / הבנק יקבל השטר הזה לשלם תשלום בכל חשבון שהוא / THE ANGLO-PALESTINE BANK LIMITED / WILL PAY TO THE BEARER / ONE PALESTINE POUND / TEL-AVIV / LEGAL TENDER FOR PAYMENT OF ANY AMOUNT / מטבע חוקית לתשלום כל סכום שהוא / THE BANK WILL ACCEPT THIS NOTE FOR PAYMENT IN ANY ACCOUNT

Reverse lettering

١ / البنك الانجلو فلسطينى المحدود / THE ANGLO-PALESTINE BANK LIMITED / LEGAL TENDER FOR PAYMENT OF ANY AMOUNT / THE ANGLO-PALESTINE BANK LIMITED / WILL PAY TO THE BEARER / ONE PALESTINE POUND / TEL-AVIV / THE BANK WILL ACCEPT THIS NOTE FOR PAYMENT IN ANY ACCOUNT

Identification

Value

1 Palestine Pound

Dates recorded

1948-1951

Distinguishing features

Printed date and signature combination separate sub-varieties

Catalogue number to match

Pick 15

Documentation checklist

Denomination

Research required

Issue or mint date

Recorded

Material

Recorded

Weight

Research required

Mint or printer

Recorded

Mint or printer mark

Research required

Catalogue reference

Recorded

Attached photograph (check rights)

Recorded

Recorded means a field is present, not independently verified. Read its wording, supporting source and the entry’s confidence level.

Catalogue references

• Standard Catalog of World Paper Money (Pick)P15
• NumistaN# 207744