| Admin History | The Currency Board met once a month in London. It discussed its liabilities in the form of bank notes- how many to print, the costs of issue, exchanges of mutilated notes, forgeries, and so on. It also discussed its assets - bank balances, investments etc - and how to dispose of its annual surpluses. The end of the United Kingdom's (UK) Palestine mandate in May 1948 and disturbances in Jerusalem led to the closure of the Board's Jerusalem centre and shortly afterwards of its Haifa centre also. During the summer Palestine Notes were replaced by new Israeli notes in Israel itself. Palestine notes continued to circulate in Transjordan (from the Board's centre in Amman, managed by the Ottoman Bank) and in the Gaza Strip. Jordan issued its own currency in 1950, and Palestine notes were then withdrawn from that country and also from the Gaza Strip. Israel abandoned any claims on the Board's surplus in concluding a general financial settlement with the United Kingdom (Cmd 7941, 1950); and Jordan effectively did the same (Cmd 8255, 1951). The Board was wound up in 1952 and its assets transferred to the Crown Agents to meet any further liabilities. |