Israeli pound

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.

Israeli pound
לירה ישראלית‎ (in Hebrew)
جنيه إسرائيلي (in Arabic)
I£500 note (obverse and reverse) issued in 1975
ISO 4217
CodeILP
Denominations
Subunit
 1/1000mil (1951–1952)
 pruta (1952–1960)
 1/100agora (1960–1980)
Pluralpounds (לירות‎ lirot)
 mil (1951–1952)
 pruta (1952–1960)		prutot (פרוטות‎)
 agora (1960–1980)agorot (אגורות‎)
Symbolל"י‎ or I£
BanknotesI£5, I£10, I£50, I£100, I£500
Coins1, 5, 10, 25 agorot, I£1/2, I£1, I£5
Demographics
User(s) Israel (1952–1980)
Issuance
Central bankBank Leumi (1952–1955)
Bank of Israel (1955–1980)
Valuation
Pegged withBritish pounds (1952–1954)
Pegged byI£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

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)
Image 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 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 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)
Image Value Diameter (mm) Mass (g) Composition Obverse Reverse Date of issue Date of withdrawal
1 agora 21 1.3 aluminium 97%, magnesium 3% Hordeum, "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%

 Palm tree, "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
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 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
Obverse Reverseissueceased to be legal tender
500 prutah (I£1/2)148 × 72 mmOlive-green on light-blue The denomination in centre and above "Bank Leumi le-Israel B.M." all in Hebrew; all surrouned by guilloches. The denomination and "Bank Leumi le-Israel B.M." all in Arabic and English; all surrouned by guilloches.9 June 19527 February 1961
1 Israeli pound (I£1)150 × 75 mmGreen-pink
5 Israeli pounds (I£5)155 × 80 mmRed-brown
10 Israeli pounds (I£10)155 × 80 mmGray-pink
50 Israeli pounds (I£10)160 × 85 mmBrown-green

First Series of the Pound (1955)
Image Value Dimensions Main Colour Description Date of
ObverseReverse Watermarkissueceased to be legal tender
500 pruta (I£1/2)130 × 72 mmRedRuins of an ancient synagogue at Bir'am in the Upper Galilee. An abstract design. Menorah with an imprint of cyclamen.4 August 195531 March 1984
1 Israeli pound (I£1)135 × 72 mmBlueView of the Upper Galilee. Menorah with an imprint of anemones.27 October 1955
5 Israeli pounds (I£5)140 × 78 mmBrownNegev landscape with a settlement and farm equipment. Menorah with an imprint of irises.
10 Israeli pounds (I£10)150 × 82 mmGreenView 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 mmBlueThe 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
ObverseReverse Watermarkissueceased to be legal tender
1/2 Israeli pound (I£1/2)130 × 70 mmGreenPioneer-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 195931 March 1984
1 Israeli pound (I£1)135 × 75 mmBlueFisherman 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 mmBrownLabourer 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 mmPurpleScientist 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 mmBrownTwo 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
ObverseReverse Watermarkissueceased to be legal tender
5 Israeli pounds (I£5)150 × 75 mmLight bluePortrait of Albert Einstein. The Atomic reactor at Nahal Sorek. Profile of Albert Einstein. 13 January 197231 March 1984
10 Israeli pounds (I£10)160 × 82 mmYellow-ivoryPortrait 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 mmBrown-redPortrait of Chaim Weizmann. The Knesset Building in Jerusalem. Profile of Chaim Weizmann. 13 January 1972
100 Israeli pounds (I£100)180 × 90 mmBluePortrait 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
ObverseReverse Watermarkissueceased to be legal tender
5 Israeli pounds (I£5)128 × 76 mmBrownPortrait 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 197631 March 1984
10 Israeli pounds (I£10)135 × 76 mmPink-purplePortrait 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 mmGreenPortrait 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 mmBluePortrait 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 mmIvory-brownPortrait 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.

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See also

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]

  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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