Israel - 500 Mils 1948 - Emergency Banknote- Very Rare - PMG 64 The same note we are offering for sale ...

Israel - 500 Mils 1948 - Emergency Banknote- Very Rare - PMG 64 The same note we are offering for sale appear at the Standard Catalog of World Paper Money Plate Note 16th Edition (Same seriel number) On November 29, 1947, the United Nations declared the establishment of a Jewish state in Palestine. And on May 14, 1948, the People's Council, headed by David Ben-Gurion, declared the establishment of the State of Israel. Among the important matters that occupied the heads of the settlement at that time, was also the need to manage the economic affairs of the new state and to issue new banknotes and coins. Due to the lack of time and lack of experience, the heads of the settlement imposed on the Anglo-Palestine Bank company the handling of all issues of the issue. The first banknotes were issued by a private bank, since by that time a central bank for the state had not yet been established. Various companies around the world refused to print banknotes for a non-existent country, and the heads of the settlement feared that when the country was established on May 15, 1948 and the British left, they would take with them all the money reserves and create a severe shortage of currency. Therefore, the heads of the settlement turned to the "Anglo-Palestine Bank", which has existed in the country since 1920, and began secretly printing emergency bills, in the "Shoshani" printing press in Tel Aviv. At the same time, higher-quality banknotes were printed in the United States. The banknotes were printed at a face value of 500 miles, 1 pound 5 pounds and 10 pounds. They bore the name of the "Anglo-Palestine Bank" and were printed on one side of the paper in simple printing. However, these banknotes were not put into circulation but were destroyed during September 1948, as the heads of the Bank of Anglo-Palestine were able to persuade the American Bankotes to print other banknotes for them. Because emergency banknotes have not been put into circulation, they are very rare. It's known about eleven complete series of 500 miles, 1 pound 5 pounds and 10 pounds, held by collectors, and about 57 individual banknotes found in museums and collectors. Source: Yigal Arkin's book Personalities and Sites in Banknotes Israel July 2001.