Howard Berlin has published a new book on the history and finances of the Palestine Currency Board.
The Palestine Currency Board: Its History and Finances
by Howard M. Berlin (aka The Numismatourist™)
Format: 8.5 x 11 (216 x 297 mm), full color, paperback and hardcover
291 pages, 72 tables, 52 pictures, 453 footnotes.
Listed prices do not include shipping charges, if applicable.
The British established the Mauritius Currency Board as the first currency board in 1849
and there have been more than 70 such currency boards since. The concept of the function of a
currency board is not well known, as it is often thought of as a nation's central bank. A currency
board is an institution that issues currency notes which are convertible on demand at a fixed rate
into an anchor currency backed by underlying securities. In effect, the newly issued currency is
essentially a copy or clone of the anchor currency.
When the British defeated the Ottoman Turks and the armistice signed on October 31,
1918, Palestine, as part of the defeated Ottoman Empire, was administratively governed by the
British, first as a military occupation, and then as a civilian Mandate granted them as a Trust by
the League of Nations. Prior to 1927, Palestine had no currency that was solely its own, but
rather the coins and banknotes of many other countries were used. The currencies were mostly
those of Turkey, Egypt, France, Great Britain, India, Germany, Russia, Austria, and the United
This book traces the need and development for a native Palestine currency, culminating
with the formation of the Palestine Currency Board which administered the Palestine Mandate's
new monetary system. Unlike Britain's imperial pound-shilling-pence monetary system, the
newly created Palestine pound was a decimal system divided into 1,000 mils and used the British
pound sterling as its anchor currency. Established June 15, 1926, the Palestine Currency Board
remained in effect for 26 years until it was dissolved on March 31, 1952, nearly four years after
the State of Israel was established on May 14, 1948.
The Foreword is written by Prof, Steve H. Hanke of The Johns Hopkins University, who
is a world-wide authority on monetary systems and the creation of currency boards.
Table of Contents
List of Tables
Chapter 1. The Currency Board
Chapter 2. Governance of Palestine by the British Military Following World War I and
the Establishment of the Palestine Mandate
Chapter 3. The First Proposals for a New Currency
Chapter 4. Palestine Currency Board Operations and Finances for the First Five-Year
Chapter 5. Palestine Currency Board Operations and Finances for the Five-Year Period,
Chapter 6. Palestine Currency Board Operations and Finances for the Five-Year Period,
Chapter 7. Palestine Currency Board Operations and Finances for the Five-Year Period,
Chapter 8. Palestine Currency Board Operations and Finances for the Final Years, 1946-
Chapter 9. Proposed Currency Note Design Changes
Chapter 10. Redemption of Currency Notes Before and After Demonetization
Copies may be ordered through the publisher, Lulu Press:
The Palestine Currency Board: Its History and Finances (Hardcover)
The Palestine Currency Board: Its History and Finances (Paperback)
Wayne Homren, Editor
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