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5 Palestine Pounds
| Issuer | Palestine Currency Board |
|---|---|
| Year | 1927-1944 |
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| Reference(s) | P#8 |
| Obverse description | The obverse bears a central vignette of the White Tower of Ramle (also known as the Tower of the Forty Martyrs and the White Mosque), rendered in fine intaglio engraving. The issuing authority 'Palestine Currency Board' appears at the top, with the denomination expressed in three scripts — English, Hebrew, and Arabic — and a legal tender clause inscribed in all three languages. The note is dated Jerusalem, 20th April, 1939. |
|---|---|
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| Reverse description | The reverse is dominated by an intricate guilloche underprint framing a central vignette of the Tower of David in Jerusalem, rendered in intaglio. The denomination is stated in English, Hebrew, and Arabic, with numeral and text values repeated across the design within the guilloche borders. |
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| Comments |
The Palestine Currency Board was established by British mandate ordinance in 1927, explicitly designed as a passive currency board rather than a central bank — it held no discretionary monetary authority and issued notes purely against sterling reserves held in London. The Palestine Pound was pegged one-to-one with sterling, a parity that held for the board's entire existence.
This note type spans a politically volatile print run: the series bridges the 1936–39 Arab Revolt, the Second World War, and the accelerating collapse of British authority in the region. Notes issued toward the end of the range were being circulated in a territory where the mandate's viability was already openly in question. The board itself was wound up in 1948 when the mandate terminated.