Historic 1927–1945 Palestine Notes Expected to Realize More Than $1 Million
Stack’s Bowers Galleries will present the Olive Sprig Collection of Palestine Mandate paper money at its Spring 2026 Maastricht Auction, scheduled for early May immediately following the MIF World Paper Money Show.
The offering includes 63 notes issued between 1927 and 1945, representing a near-complete set of circulating paper money from the Palestine Mandate period. Collectors and specialists expect the group to realize more than $1 million at the final lot’s close.
Over decades, the collection’s builder pursued a clear goal. He sought to assemble one of the most complete holdings possible, not only by issue and denomination, but also by prefix, a detail that many collectors overlook.
“This is perhaps the most complete collection of Palestine Mandate notes ever to come to auction,” said Aris Maragoudakis, Director of World Currency Auctions at Stack’s Bowers Galleries. “Of the four prefixes not represented in the collection, only the 1944 1 pounder with the C/1 prefix is not one of the very rare and expensive 50 or 100 pound notes. This feat of completeness would be next to impossible to repeat today.”
A Collection Built on Quality, Completeness, and Historical Importance
Every note in the Olive Sprig Collection carries Professional Money Guaranty (PMG) certification. The collector selected each piece with careful attention to quality, eye appeal, variety, and historical significance.
As a result, the group combines technical completeness with impressive preservation. More than a third of the notes carry the coveted Exceptional Paper Quality (EPQ) designation.
“Of the 63 notes in the collection, more than a third, 22 notes, are graded EPQ,” Maragoudakis noted. “This is an unprecedented concentration of EPQ notes in a collection whose focus goes beyond just grade into the realm of technical completeness by prefix.”
The nickname “Olive Sprig Collection” reflects a symbol long associated with the olive-growing landscapes of the region. The name also references the olive sprig watermark that appears on all Palestine Mandate notes.
Issued during a period of profound political and economic change in the Middle East, these notes remain among the most widely collected issues of Middle Eastern paper money today.
Rare and Important Notes Highlight the Offering
Several standout rarities anchor the collection.
Among them sits a Prefix A 1927 100 Pound note, one of the most coveted issues in the series. The note surfaced under extraordinary circumstances. A donor unknowingly buried it within a contribution to an Oxfam branch store in eastern England. Today, researchers recognize the piece as just the fourth known example in private hands.
The auction will also feature two extremely rare 50 Pound notes from 1927 and 1929. These notes originally appeared at Sotheby’s as part of the renowned Arnold H. Kagan Collection, one of the most important holdings of Palestine currency ever assembled.
Condition rarities also appear throughout the collection, including:
- A 500 Mils graded PMG 65 EPQ, tied for finest certified
- A 1 Pound graded PMG 55 EPQ
- A 5 Pound graded PMG 45 EPQ, among the finest known
- A 10 Pound graded PMG 25
Each of these notes carries the A prefix and the 1927 date, a combination that specialists prize.
Together with other rare prefixes and high-grade examples, these pieces create one of the most technically complete offerings of Palestine Mandate currency ever presented at public auction.
Auction Details and Additional Information
Stack’s Bowers Galleries will present the Olive Sprig Collection during its Spring 2026 Maastricht Auction, scheduled to take place in early May 2026 immediately after the MIF World Paper Money Show.
Additional details about the offering will appear in the coming weeks.
Collectors seeking further information may contact:
Aris Maragoudakis
Director of World Paper Currency
Stack’s Bowers Galleries
[email protected]
or
Vicken Yegparian
Executive Vice President
Stack’s Bowers Galleries
[email protected]
I own a very rare 1927 Palestine Mandate Double Proof Set in the original Royal Mint case of issue, but, alas, none of the currency issues.
Amazing that this note survived and that whoever found it in the Oxfam donation didn’t just throw it away, thinking it was worthless.