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About the
Anglo Palestine Bank Series |
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Banknotes and coins are not only means of payment, they are also a symbol of sovereignty. When the Fathers of the Yishuv were engaged in establishing the new state, one of the matters they had to deal with was its currency. As the name of the new state had not been decided, the question arose as to what would be printed on the banknotes.
The banknotes could not be printed in this country as the British Mandate had not yet expired, and also for lack of the required technical expertise. At the same time it was clear that no reputable foreign firm would print money for a nonexistent state. After considerable effort, Mr. S. Hoofien, then Chairman of the Board of the Anglo-Palestine Bank, persuaded the American Banknote Company of New York to print the banknotes.
To obviate the need for State Department approval for printing banknotes of a foreign country, the notes as ordered gave no indication of their being legal tender. (The legend "Legal tender for payment of any amount" was subsequently overprinted). In addition, the company stipulated that its name should not appear on the notes.
The design of the banknotes was based on different combinations of guilloches in the company's stock, some of which were used for printing banknotes for China! When the banknotes were ordered, no one yet knew what the name of the new state would be, let alone its currency. It was therefore decided to print "Palestine Pound" on the notes, the currency of the mandate.
The banknotes reached this country secretly in July 1948. On August 17 the government passed a law declaring the notes legal tender, and they were put into circulation on the following day.
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