The Palestinian pound was introduced into circulation by the Palestine Monetary Board as the currency of the British Mandatory Territory on November 1, 1927, instead of the Egyptian pound. The Palestinian pound was equal to the pound sterling and consisted of 1000 miles. Change coins were issued in denominations of 1, 2, 5, 10, 20, 50 and 100 miles. Finally withdrawn from circulation in 1951. The Palestine Monetary Board was disbanded in 1952.