Auction 31- Numismatic, Rare coins, Banknotes, Unique Maps

1948 Fractional Currency Specimens With the establishment of the State of Israel, there was a shortage of coins for the public to use. Due to a shortage of metal, it was decided by the new Treasury Department to issue fractional paper currency. 2 denominations, 50 and 100 mils, were designed by Otto Wallish, They were prepared and printed by the government’s printer (E. Levin-Epstein Press Ltd). These banknotes have picked up the name ‘rugs’ in the collecting community, but the design images are actually of ancient synagogue mosaics. A few were overprinted with a box Hebrew overprint and punched for ‘specimen’ use within the government and financial community. These 4 ‘Specimen’ are mounted with a thin strip of glue at the top of each one on a heavy folded black paper. This was the typical format for presentation. 2 of each note are present so the face and the back of the notes are visible. All are serial #000000. 4 notes total. Very Rare. P #6,7. Estimate $5000-$10,000.