When British forces entered Jerusalem in December 1917, Palestine found itself at a crossroads. The Ottoman financial system had collapsed, and a bewildering mixture of currencies — Ottoman, Egyptian, and British — circulated simultaneously, creating confusion and economic instability across the region.
The British response came in two distinct phases — first through the immediate introduction of the Egyptian Pound as a stabilising measure, and then in 1927 with the establishment of the Palestine Currency Board and the creation of a currency designed specifically for Mandatory Palestine.
The Egyptian Pound in Palestine — 1917 to 1927
When British forces took control of Palestine in December 1917, the Ottoman financial system collapsed overnight. To stabilise the economy, Britain turned to Egypt — already under British administration — and introduced the Egyptian Pound as the official currency of the military administration. For a full decade, Egyptian banknotes and coins were the everyday currency of Palestinian merchants, farmers and families. Pegged to sterling, the Egyptian Pound provided the economic stability the region needed while Britain worked toward a permanent currency solution.
The Palestine Currency Board — 1927 to 1948
In 1927 the Palestine Currency Board was established, issuing a new currency — the Palestine Pound — designed specifically for Mandatory Palestine. These banknotes are remarkable artefacts. They carried text in three languages — Arabic, English and Hebrew — reflecting the complex demographic reality of the time. Denominations ranged from 500 Mils through to £P100, each note beautifully designed and printed to the highest standards of the era.
What makes these notes particularly significant is that they circulated through two decades of profound change — through the Great Arab Revolt, the Second World War, and the final turbulent years of the Mandate — passing through the hands of Palestinians in the markets of Jerusalem, Jaffa, Haifa and Nablus until 1948. Today they are among the most historically significant and collectible artefacts of the entire Mandate period.
These are not merely banknotes. They are documents of a place and a people — witnesses to a chapter of history that shaped the world we live in today.