Country ISO code: PS

Official language: Arabic

Language ISO code: ar

Current official currency: No independent national currency; commonly used currencies are Israeli New Shekel (ILS), Jordanian Dinar (JOD), and US Dollar (USD)

Currency ISO codes: ILS, JOD, USD

Complete Financial History of the State of Palestine

Currencies that have circulated in Palestine over history

• Ancient periods until Islamic conquest:
  Coinage in Palestine dates back over 4000 years, with early metal coins used by the Canaanites, evolving into gold, silver, and copper coins during Persian, Greek, Roman, and Byzantine periods.
  Following the Islamic conquest, coins bore Arabic and Islamic inscriptions indicating the cities of minting.

• Ottoman period:
  Ottoman coins circulated widely in Palestine, with coins also used as ornaments until late Ottoman rule.

• British Mandate period (1920–1948):
  In 1927, the Palestine pound was introduced as the official currency, replacing the Egyptian pound and pegged to the British pound sterling.
  Coins and banknotes issued during this period bore inscriptions in Arabic, English, and Hebrew.
  The Palestine pound circulated until the end of the British Mandate on May 15, 1948.

• Post-Mandate period:

  • In the West Bank, the Palestine pound circulated until 1949, then replaced by the Jordanian dinar issued by the Central Bank of Jordan.

  • In the Gaza Strip, the Palestine pound circulated until 1951, then replaced by the Egyptian pound.

  • In Israel, the Palestine pound circulated until 1952, then replaced by the Israeli pound.

Palestinian coins

• During the British Mandate, coins were minted in denominations such as 1, 5, 10, 20, and 50 mils.

• After 1948, no official Palestinian coins have been issued.

Palestinian banknotes

• Palestine pound banknotes were issued in various denominations during the British Mandate.

• No official Palestinian banknotes have been issued since 1948.

Economic and historical context

• Since 1948, Palestine has not had an independent national currency due to occupation and political circumstances.

• The Palestinian economy uses foreign currencies for daily transactions, mainly:

  • Jordanian Dinar (JOD)

  • Israeli New Shekel (ILS)

  • US Dollar (USD)

• These currencies circulate in both the West Bank and Gaza Strip, reflecting the complex political and economic reality.

Current circulation status

• No official Palestinian currency is currently in circulation.

• The dominant currencies are the Jordanian dinar, Israeli new shekel, and US dollar.

• These currencies function as de facto legal tender in Palestinian territories.

Mint / production locations

• Historical Palestinian coins were minted at various mints during the British Mandate.

• The foreign currencies used are minted in their respective issuing countries.

Issuing bank / monetary authority

• There is no independent Palestinian monetary authority issuing currency.

• The Palestinian Authority manages economic affairs but relies on foreign currencies.

Relevant monetary legislation

• No specific Palestinian monetary legislation exists due to the absence of a national currency.

• Use of foreign currencies is subject to the laws of the issuing countries.

Names and titles of banknote signatories

• Historical Palestine pound notes bore signatures of officials from the Palestine Currency Board during the British Mandate.

• Foreign currencies used bear signatures of monetary authorities from their respective countries.

Persons honored on coins and banknotes

• Historical Palestinian coins and notes featured national and cultural symbols rather than individual persons.

• Foreign currencies used depict symbols and figures from their issuing countries.

Official language recognized by the state for administrative, legislative, judicial, monetary, and educational use:
Arabic is the official language of Palestine, used in all official domains including administration, legislation, judiciary, finance, and education.