500 Mils

The Palestine Currency Board was established under British Mandate authority in 1927, deliberately structured as a currency board rather than a central bank — meaning every pound and mil in circulation was backed one-for-one by sterling held in London. The arrangement left Palestinian monetary policy entirely in British hands, with no local discretionary authority whatsoever.

De La Rue printed the series across nearly two decades without redesign, an unusual run that bridged the Mandate's relative stability and its violent final years. Notes dated into the mid-1940s circulated through the Arab-Jewish communal conflict that preceded the 1948 war, and the Currency Board itself was wound up shortly after the Mandate's termination.

The 500 Mils denomination — half a Palestinian pound — is among the scarcer survivors from early date runs.