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The enabling legislation was the Palestine Currency Order, 1927, signed by the King in February 1927. [8] The Palestine pound became legal tender on 1 November 1927. [9] 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 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 before 1948 was not an Arab currency, it was a currency issued by the British colonial authorities in cooperation with the Zionist Anglo-Palestine company. It was used throught Palestine and until 1946 in Transjordan, so Palestinian Arabs used it too.
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 ]
11 July – A 6.2-magnitude earthquake occurs in the regions of Palestine and Transjordan, killing an estimated 500 people. The effects are especially severe in Jerusalem and Nablus , but damage and fatalities are also reported in many other areas, including parts of Transjordan, in particular the town of Salt .
In 1927, the British administration of the Palestinian Mandate established the Palestine Currency Board which issued the Palestine pound which was the official currency in both Mandatory Palestine and the Emirate of Transjordan. Though Jordan became an independent kingdom on 25 May 1946, it continued to use the Palestinian pound for a while.
The pruta was introduced shortly after the establishment of the state of Israel, as the 1000th part of the Israeli pound. It replaced the mil, which was the 1000th part of the Palestine pound, a currency issued by the British Mandate of Palestine prior to May 1948. Pruta from the reign of Agrippa I
715–717), ruled from Palestine, where he had long been governor and founded the city of Ramla, which remained the region's administrative center until the Crusader conquest in 1099. [247] The centuries-long feud between the Arab tribal confederations the Qays and the Yaman that began under the Umayyads came to color Palestine's history.