On February 1st 1912 AD a decree was issued and published in the official newspaper of the Palestinian government allowing the circulation of Egyptian gold silver nickel and paper currencies 

After the end of the first World War in 1917 AD the British army and its allies entered Palestine and they had Egyptian currencies on them . On November 23rd 1917 AD it was declared that the official currency circulating in Palestine is the Egyptian currency together with the Ottoman . In December 1918 AD the British forces ordered a halt to circulating Ottoman gold coins and paper currency notes inside Palestine and ordered as well that the momentary transactions get registered in the Palestinian law in Egyptian currency instead of Ottoman currency 

On February 1st 1927AD the decree of Palestinian currencies was issued allowing the issue of Palestinian coins and paper currency notes to be minted and printed in London and to bear inscriptions in three languages Arabic English and Hebrew 

Accordingly the UK Minister of Colonies colonel George Stewart announced on the 31st of March 1928AD that the Egyptian currencies are not legal circulating in Palestine thus the Palestinians exchanged the Egyptian currencies at the rate of 97.5 piastres for every Palestinian pound . The value of Egyptian coins that were exchanged at the time is estimated at two million Egyptian pounds