Israeli pound

Israeli pound
Israeli pound
לירה ישראלית‎ (in Hebrew); جنيه إسرائيلي (in Arabic)
	I£500 note (obverse and reverse) issued in 1975
ISO 4217
Code	ILP
Denominations
Subunit
1/1000	mil (1951–1952); pruta (1952–1960)
1/100	agora (1960–1980)
Plural	pounds (לירות‎ lirot)
mil (1951–1952); pruta (1952–1960)	prutot (פרוטות‎)
agora (1960–1980)	agorot (אגורות‎)
Symbol	ל"י‎ or I£
Banknotes	I£5, I£10, I£50, I£100, I£500
Coins	1, 5, 10, 25 agorot, I£1/2, I£1, I£5
Demographics
Replaced by	Old Israeli shekel
User(s)	Israel (1952–1980)
Issuance
Central bank	Bank Leumi (1952–1955); Bank of Israel (1955–1980)
Valuation
Pegged with	British pounds (1952–1954)
Pegged by	I£1:£1
	This infobox shows the latest status before this currency was rendered obsolete.

A passbook issued before the official adoption of prutot, and denominated in I£ and mils

The Israeli pound (Hebrew: לירה ישראלית‎ Lira Yisr'elit, Arabic: جنيه إسرائيلي‎ Junayh Isra'eeli) or Israeli lira was the currency of the State of Israel from 9 June 1952 until 23 February 1980. Its symbol was "I£". The Israeli pound replaced the Palestine pound and was also pegged to the pound sterling at par. It was replaced by the shekel on 24 February 1980, at the rate of 1 shekel = 10 Israeli pounds, which was in turn replaced by the new shekel in 1985.

Before the new currency was brought in, the Anglo-Palestine Bank issued banknotes denominated in Palestine pounds. They were in Hebrew לירה א"י‎ (lira E.Y. i.e. lira Eretz-Yisraelit) and Arabic junayh filisţīnī (جنيه فلسطيني).^[1]

On 1 May 1951, all the assets and liabilities of the Anglo Palestine Bank were transferred to a new company called Bank Leumi Le-Yisrael (Israel National Bank) and the currency name became: lira yisraelit (לירה ישראלית‎) in Hebrew, junayh isrāīlī in Arabic, and Israel pound in English.^[2] The new currency was issued in 1952, and entered circulation on June 9. From 1955, after the Bank of Israel was established and took over the duty of issuing banknotes, only the Hebrew name was used.^[3]

History[]

The British Mandate of Palestine was created in 1918. In 1927 the Palestine Currency Board, established by the British authorities, and subject to the British Secretary of State for the Colonies, issued the Palestine pound which was legal tender in Mandate Palestine and Transjordan. The Palestine pound was equal in value and pegged to the pound sterling, and divided into 1000 mils.

The Mandate came to an end on 14 May 1948, but the Palestine pound continued in circulation until new currencies replaced it. In Israel, the Palestine pound continued in circulation until the Israeli pound was adopted in 1952. The Israeli pound was subdivided into 1000 prutot. Like the Palestine pound, the Israeli pound was pegged to the pound sterling at par. In August 1948, new banknotes were issued by the London-based Anglo-Palestine Bank, owned by the Jewish Agency.

The new coins were the first to bear the new state's name, and the banknotes had "The Anglo-Palestine Bank Limited" written on them. While the first coins minted by Israel still bore the name "mil", the next ones bore the Hebrew name prutah (Hebrew: פרוטה‎). A second series of banknotes was issued after the Anglo-Palestine Bank moved its headquarters to Tel Aviv and became the Bank Leumi (Hebrew: בנק לאומי‎ "National Bank"). The pegging to the pound sterling was abolished on 1 January 1954, and in 1960, the subdivision of the pound was changed from 1000 prutot to 100 agorot (singular agora, Hebrew: אגורה ,אגורות‎).

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 pound into a Hebrew name, shekel (שקל). The law allowed the minister to decide on the date for the change. The law came into effect in February 1980, when the Israeli government introduced the Israeli shekel (now called old Israeli shekel), at a rate of 10 pounds = 1 shekel. On 1 January 1986, the old shekel was replaced by the Israeli new shekel at a ratio of 1000:1.

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 prutah. The coins were conceived, in part, by Israeli graphic designer Otte Wallish.

All coins and banknotes issued in Israel before June 1952 were part of the Palestine pound.

In 1960, coins were issued denominated in agora. There were 1, 5, 10 and 25 agorot pieces. In 1963, 1/2 and 1 pound coins were introduced, followed by 5 lirot coins in 1978.

Mil (1949)[]


Image	Value	Diameter (mm)	Mass (g)	Composition	Obverse	Reverse	Date of issue	Date of withdrawal
	25 mil	30	3.1—3.8	aluminium 97%, magnesium 3%	Grape, "Israel" in Hebrew and Arabic	Value, olive ornament	06.04.1949	06.09.1950

Pruta (1949–1960)[]


Value	Diameter (mm)	Mass (g)	Composition	Obverse	Reverse	Date of issue	Date of withdrawal
1 pruta	21	1.3	aluminium 97%, magnesium 3%	Anchor, "Israel" in Hebrew and Arabic	Value, olive ornament	25.10.1950	22.02.1980
5 prutot	20	3.2	copper 95%, tin 3%, zinc 2%	Lyre, "Israel" in Hebrew and Arabic		28.12.1950	22.02.1980
10 prutot	27	6.1	copper 95%, tin 3%, zinc 2%	Amphora, "Israel" in Hebrew and Arabic		04.01.1950	22.02.1980
10 prutot	24.5	1.6	aluminium 97%, magnesium 3%	Amphora, palms, "Israel" in Hebrew and Arabic		18.09.1952	22.02.1980
10 prutot	24.5	1.6	aluminium 97%, magnesium 3%	Amphora, palms, "Israel" in Hebrew and Arabic		27.12.1956	22.02.1980
25 prutot	19.5	2.8	copper 75%, nickel 25%	Grape, "Israel" in Hebrew and Arabic		04.01.1950	22.02.1980
50 prutot	23.5	5.6		Grape, "Israel" in Hebrew and Arabic		11.05.1949	22.02.1980
100 prutot	28.5	11.3		Palm, "Israel" in Hebrew and Arabic		25.05.1949	22.02.1980
100 prutot	25.6	7.3	steel 90%, nickel 10%	Palm, "Israel" in Hebrew and Arabic		21.04.1955	22.02.1980
250 prutot	32.2	14.1	copper 75%, nickel 25%	Hordeum, "Israel" in Hebrew and Arabic		11.10.1950	22.02.1980
500 prutot	37.1	25	silver 50%, copper 37,5%, nickel 12,5%	Three pomegranates, "Israel" in Hebrew and Arabic		22.05.1952	22.02.1980

Agora (1960–1978)[]


Value	Diameter (mm)	Mass (g)	Composition	Obverse	Reverse	Date of issue	Date of withdrawal
1 agora	21	1.3	aluminium 97%, magnesium 3%	Barley, "Israel" in Hebrew and Arabic	Value, date	12.05.1960	22.02.1980
5 agorot	17,5	2.3	1960—1975: copper 92%, aluminium 6%, nickel 2% 1976—1979: aluminium 97%, magnesium 3%	Three pomegranates, "Israel" in Hebrew and Arabic		20.10.1960
10 agorot	21,5	5	1960—1977: copper 92%, aluminium 6%, nickel 2% 1978—1979: aluminium 97%, magnesium 3%	Date palm, "Israel" in Hebrew and Arabic		06.05.1960
25 agorot	25,5	6.5	copper 92%, aluminium 6%, nickel 2%	Lyre, "Israel" in Hebrew and Arabic		17.03.1960
I£1/2	24,5	6.8	copper 75%, nickel 25%	The state emblem, "Israel" in Hebrew, Arabic and English		12.09.1963	31.03.1984
I£1	27,5	9		The state emblem, "Israel" in Hebrew, Arabic and English		12.09.1963
I£1	27,5	9		Three pomegranates, the state emblem, "Israel" in Hebrew, Arabic and English	Value, date, two stars	1967
I£5	30	11,2		Lion, the state emblem, "Israel" in Hebrew, Arabic and English	Value, date, two stars	21.09.1978

Banknotes[]

In 1948, the government issued fractional notes for 50 and 100 mils. 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.

Bank Leumi Series (1952)[]

Image	Value	Dimensions	Main Colour	Description		Date of
Image	Value	Dimensions	Main Colour	Obverse	Reverse	issue	ceased to be legal tender
	500 prutah (I£1/2)	148 × 72 mm	Olive-green on light-blue	The denomination in centre and above "Bank Leumi le-Israel B.M." all in Hebrew; all surrounded by guilloches.	The denomination and "Bank Leumi le-Israel B.M." all in Arabic and English; all surrouned by guilloches.	9 June 1952	7 February 1961
	1 Israeli pound (I£1)	150 × 75 mm	Green-pink
	5 Israeli pounds (I£5)	155 × 80 mm	Red-brown
	10 Israeli pounds (I£10)	155 × 80 mm	Gray-pink
	50 Israeli pounds (I£10)	160 × 85 mm	Brown-green

First Series of the Pound (1955)[]

Image	Value	Dimensions	Main Colour	Description			Date of
Image	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	issue	ceased to be legal tender
	500 pruta (I£1/2)	130 × 72 mm	Red	Ruins of an ancient synagogue at Bir'am in the Upper Galilee.	An abstract design.	Menorah with an imprint of cyclamen.	4 August 1955	31 March 1984
	1 Israeli pound (I£1)	135 × 72 mm	Blue	View of the Upper Galilee.		Menorah with an imprint of anemones.	27 October 1955
	5 Israeli pounds (I£5)	140 × 78 mm	Brown	Negev landscape with a settlement and farm equipment.		Menorah with an imprint of irises.	27 October 1955
	10 Israeli pounds (I£10)	150 × 82 mm	Green	View of the Jezreel Valley depicting settlements and cultivated fields.		Menorah with an imprint of tulips.	4 August 1955
	50 Israeli pounds (I£50)	160 × 87 mm	Blue	The road to Jerusalem.		Menorah with an imprint of oleander.	19 September 1957

Second Series of the Pound (1959)[]

Image	Value	Dimensions	Main Colour	Description			Date of
Image	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	issue	ceased to be legal tender
	1/2 Israeli pound (I£1/2)	130 × 70 mm	Green	Pioneer-woman soldier holding a basket of oranges against a background of fields.	Tomb of the Sanhedrin in Jerusalem.	The profile of the woman.	15 October 1959	31 March 1984
	1 Israeli pound (I£1)	135 × 75 mm	Blue	Fisherman carrying fishing gear against a background of a bay.	Mosaic from the floor of an ancient synagogue at lssafiya on Mt. Carmel.	The profile of the fisherman.
	5 Israeli pounds (I£5)	140 × 78 mm	Brown	Labourer holding a sledge-hammer against a background of an industrial plant.	Roaring lion depicted on an ancient Hebrew seal found at Megiddo.	The profile of the labourer.
	10 Israeli pounds (I£10)	150 × 82 mm	Purple	Scientist in a laboratory.	Passage from the Book of Isaiah and the Dead Sea Scrolls.	The profile of the scientist.
	50 Israeli pounds (I£50)	178 × 93 mm	Brown	Two young pioneers against a background of an agricultural settlement in the Negev.	Menorah from the ancient synagogue of Nirim in the Negev.	The profile of the pioneers.	9 December 1960

Third Series of the Pound (1970)[]

Image	Value	Dimensions	Main Colour	Description			Date of
Image	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	issue	ceased to be legal tender
	5 Israeli pounds (I£5)	150 × 75 mm	Light blue	Portrait of Albert Einstein.	The Atomic reactor at Nahal Sorek.	Profile of Albert Einstein.	13 January 1972	31 March 1984
	10 Israeli pounds (I£10)	160 × 82 mm	Yellow-ivory	Portrait of Chaim Nachman Bialik.	Bialik's home in Tel-Aviv.	Profile of Chaim Nachman Bialik.	6 August 1970
	50 Israeli pounds (I£50)	170 × 84 mm	Brown-red	Portrait of Chaim Weizmann.	The Knesset Building in Jerusalem.	Profile of Chaim Weizmann.	13 January 1972
	100 Israeli pounds (I£100)	180 × 90 mm	Blue	Portrait of Theodor Herzl.	The Emblem of the State of Israel surrounded by the emblems of the twelve tribes.	Profile of Theodor Herzl.	27 February 1969

Fourth Series of the Pound (1975)[]

Image	Value	Dimensions	Main Colour	Description			Date of
Image	Value	Dimensions	Main Colour	Obverse	Reverse	Watermark	issue	ceased to be legal tender
	5 Israeli pounds (I£5)	128 × 76 mm	Brown	Portrait of Henrietta Szold; Hadassah Hospital on Mt. Scopus in Jerusalem.	Lion's Gate in the Old City of Jerusalem.	Profile of Henrietta Szold.	11 March 1976	31 March 1984
	10 Israeli pounds (I£10)	135 × 76 mm	Pink-purple	Portrait of Moshe Montefiori; the Mishkanot Shaananim quarter in Jerusalem with the windmill.	Jaffa Gate in the Old City of Jerusalem.	Profile of Moshe Montefiori.	30 January 1975
	50 Israeli pounds (I£50)	141 × 76 mm	Green	Portrait of Chaim Weizmann; the Wix Library at the Weizmann Institute of Science.	Damascus gate in the Old City of Jerusalem.	Profile of Chaim Weizmann.	26 January 1978
	100 Israeli pounds (I£100)	147 × 76 mm	Blue	Portrait of Theodor Herzl; the entrance gate to Mt. Herzl in Jerusalem.	Zion Gate in the Old City of Jerusalem.	Profile of Theodor Herzl.	14 March 1975
	500 Israeli pounds (I£500)	153 × 76 mm	Ivory-brown	Portrait of David Ben-Gurion; the library at kibbutz Sde Boker.	Golden Gate in the Old City of Jerusalem.	Profile of David Ben-Gurion.	26 May 1977

Features for the blind[]

In the third banknote issue, released between 1973 and 1975, a feature was added to assist vision-impaired and blind people in identifying the denomination of a note. A tactile set of dots was used, with three on the five pound note, two on the 10 pound note, one on the 50 pound note, none on the 100 pound note, and a large bar the length of three dots on the 500 pound note.^{[citation needed]}

References[]

Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

Footnotes[]

^[4] ^[5] ^[6]

^ One Palestine Pound, IL: Bank of Israel, archived from the original on April 27, 2006
^ One Israeli Pound, IL: Bank of Israel, archived from the original on 2007-09-27
^ First Series of the Pound, IL: Bank Le-Israel, archived from the original on 2007-09-27
^ One Palestine Pound, IL: Bank of Israel - Anglo Palestine Bank Series
^ One Israeli Pound, IL: Bank of Israel - Le-Israel Series
^ First Series of the Pound, IL: Bank of Israel - First Series of the Pound

External links[]

[1] One Palestine Pound, IL: Bank of Israel, archived from the original on April 27, 2006

[2] One Israeli Pound, IL: Bank of Israel, archived from the original on 2007-09-27

[3] First Series of the Pound, IL: Bank Le-Israel, archived from the original on 2007-09-27

[4] One Palestine Pound, IL: Bank of Israel - Anglo Palestine Bank Series

[5] One Israeli Pound, IL: Bank of Israel - Le-Israel Series

[6] First Series of the Pound, IL: Bank of Israel - First Series of the Pound

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