Despite the founding of the State of Israel on May 15th 1948, currency of the British Mandate was still used by the public. The Anglo-Palestine Bank was trusted with the establishment of the newly born state's monetary system. It was ordered the printing of money notes in the United States, while simultaneously preparing a stock of emergency notes in Tel Aviv.
On August 16th 1948, three months after the establishment of the State, an Agreement was signed between the Bank and the temporary Government. The official charter appointing the Bank as the Government's financial agent was signed by Hoofien and the Prime Minister David Ben-Gurion. On that very day, the official bank notes of the new state, bearing the name of the Anglo-Palestine Bank and the signatures of Hoofien and Barth, were distributed.http://english.leumi.co.il/LEPrivate/The_History_of_Bank_Leumi/5491/