Israeli pound
Encyclopedia
The Israeli lira or Israel pound was the currency of Israel
from shortly after the creation of the state in 1948 until 1980. Until 1952, the name used on the notes of the Anglo-Palestine Bank was Palestine pound, in Hebrew לירה א"י (lira E.Y. i.e. lira Eretz-Yisraelit). In Arabic
, the name was given as junayh filisţīnī (جنيه فلسطيني). In 1952, the Anglo-Palestine Bank changed its name to Bank Leumi
Le-Yisrael (The Israel National Bank) and the currency name became: lira yisraelit (לירה ישראלית) in Hebrew, junayh isrāīlī in Arabic, and Israel pound in English. 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 "I£".
The British Mandate of Palestine, which administered the territory now known as Israel, Jerusalem, the West Bank and Gaza prior to May 15, 1948, issued the Palestinian pound, a currency equal in value and pegged to the UK Pound
, which was divided into 1000 Mils. Banknotes in circulation were issued by the Palestine Currency Board, which was subject to the British Secretary of State for the Colonies
.
Israel inherited the Palestinian pound but, shortly after the establishment of the state, new banknotes were issued by the London-based Anglo-Palestine bank of the Zionist movement
. The new coins were the first to bear the new state's name, while the banknotes said "The Anglo-Palestine Bank Limited". While the first coins minted by Israel still bore the name "mil", the next ones bore the Hebrew
name prutah
. A second series of banknotes was issued after the Anglo-Palestine Bank moved its headquarters to Tel Aviv
and changed its name to Bank Leumi
( "National Bank"). The pegging to the UK Pound was abolished on January 1, 1954, and in 1960, the sub-division of the lira was changed from 1000 prutot to 100 agorot
(singular agora ).
During the 1960s, a debate over the non-Hebrew name of the Israeli currency resulted in a law ordering the Minister of Finance to change the name lira into a Hebrew name, sheqel (שקל). The law allowed the minister to decide on a proper date for the change. The law did not come into effect until February 1980, when the Israeli government decided to change the monetary system and introduce the sheqel
at a rate of 1 sheqel = 10 lirot.
. The coins were conceived, in part, by Israeli graphic designer Otte Wallish
.
In 1960, coins were issued denominated in agora. There were 1, 5, 10 and 25 agorot pieces. In 1963, ½ and 1 lira coins were introduced, followed by 5 lirot coins in 1978.
In 1948, the government issued fractional notes for 50 and 100 mils whilst the Anglo-Palestine Bank issued banknotes for 500 mils, 1, 5, 10 and 50 lirot (pounds) between 1948 and 1951. In 1952, the government issued a second series of fractional notes for 50 and 100 prutah with 250 prutah notes added in 1953. Also in 1952, the "Bank Leumi Le-Israel" took over paper money production and issued the same denominations as the Anglo-Palestine Bank except that the 500 mils was replaced by a 500 prutah note.
The Bank of Israel began note production in 1955, also issuing notes for 500 pruta, 1, 5, 10 and 50 lirot. In 1968, 100 lirot notes were introduced, followed by 500 lirot notes in 1975.
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
from shortly after the creation of the state in 1948 until 1980. Until 1952, the name used on the notes of the Anglo-Palestine Bank was Palestine pound, in Hebrew לירה א"י (lira E.Y. i.e. lira Eretz-Yisraelit). In Arabic
Arabic language
Arabic is a name applied to the descendants of the Classical Arabic language of the 6th century AD, used most prominently in the Quran, the Islamic Holy Book...
, the name was given as junayh filisţīnī (جنيه فلسطيني). In 1952, the Anglo-Palestine Bank changed its name to Bank Leumi
Bank Leumi
Bank Leumi is an Israeli bank. It was founded in London as the Anglo Palestine Company on February 27, 1902, by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of Palestine.-History:...
Le-Yisrael (The Israel National Bank) and the currency name became: lira yisraelit (לירה ישראלית) in Hebrew, junayh isrāīlī in Arabic, and Israel pound in English. 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 "I£".
History
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
, which was divided into 1000 Mils. Banknotes in circulation were issued by the Palestine Currency Board, which was subject to the British Secretary of State for the Colonies
Secretary of State for the Colonies
The Secretary of State for the Colonies or Colonial Secretary was the British Cabinet minister in charge of managing the United Kingdom's various colonial dependencies....
.
Israel inherited the Palestinian pound but, shortly after the establishment of the state, new banknotes were issued by the London-based Anglo-Palestine bank of the Zionist movement
Zionism
Zionism is a Jewish political movement that, in its broadest sense, has supported the self-determination of the Jewish people in a sovereign Jewish national homeland. Since the establishment of the State of Israel, the Zionist movement continues primarily to advocate on behalf of the Jewish state...
. The new coins were the first to bear the new state's name, while the banknotes said "The Anglo-Palestine Bank Limited". While the first coins minted by Israel still bore the name "mil", the next ones bore the Hebrew
Hebrew language
Hebrew is a Semitic language of the Afroasiatic language family. Culturally, is it considered by Jews and other religious groups as the language of the Jewish people, though other Jewish languages had originated among diaspora Jews, and the Hebrew language is also used by non-Jewish groups, such...
name prutah
Prutah
Prutah Hebrew is a word borrowed from the Mishnah and the Talmud, in which it means "a coin of smaller value". The word was probably derived originally from an Aramaic word with the same meaning....
. A second series of banknotes was issued after the Anglo-Palestine Bank moved its headquarters to Tel Aviv
Tel Aviv
Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...
and changed its name to Bank Leumi
Bank Leumi
Bank Leumi is an Israeli bank. It was founded in London as the Anglo Palestine Company on February 27, 1902, by members of the Zionist movement to promote the industry, construction, agriculture, and infrastructure of Palestine.-History:...
( "National Bank"). The pegging to the UK Pound was abolished on January 1, 1954, and in 1960, the sub-division of the lira was changed from 1000 prutot to 100 agorot
Israeli agora
The agora is a denomination of the currency of Israel. The Israeli currency - the new Israeli shekel is divided into 100 agorot.The name agora actually refers to three kinds of currencies that were used in Israel throughout its history, all of them have been subdivisions of the main currency...
(singular agora ).
During the 1960s, a debate over the non-Hebrew name of the Israeli currency resulted in a law ordering the Minister of Finance to change the name lira into a Hebrew name, sheqel (שקל). The law allowed the minister to decide on a proper date for the change. The law did not come into effect until February 1980, when the Israeli government decided to change the monetary system and introduce the sheqel
Israeli sheqel
The old shekel was the currency of Israel between February 24, 1980, and December 31, 1985 until replaced by the Israeli new shekel at a ratio of 1000:1 on January 1, 1986. The old shekel was short-lived due to the high rates of inflation in Israel at the time. The old shekel was subdivided into...
at a rate of 1 sheqel = 10 lirot.
Coins
Israel's first coins were aluminium 25 mil pieces, dated 1948 and 1949, which were issued in 1949 before the adoption of the pruta. Later in 1949, coins were issued in denominations of 1, 5, 10, 25, 50, 100 and 250 prutahPrutah
Prutah Hebrew is a word borrowed from the Mishnah and the Talmud, in which it means "a coin of smaller value". The word was probably derived originally from an Aramaic word with the same meaning....
. The coins were conceived, in part, by Israeli graphic designer Otte Wallish
Otte Wallish
Otte Wallish was an emigre to Israel who established himself as a graphic designer and contributed to the symbolic self-representation of the Jewish state....
.
In 1960, coins were issued denominated in agora. There were 1, 5, 10 and 25 agorot pieces. In 1963, ½ and 1 lira coins were introduced, followed by 5 lirot coins in 1978.
Banknotes
The Bank of Israel began note production in 1955, also issuing notes for 500 pruta, 1, 5, 10 and 50 lirot. In 1968, 100 lirot notes were introduced, followed by 500 lirot notes in 1975.