This is a 500 mils stamp from Israel’s first issue in 1948, commonly known as the “Doar Ivri” (Hebrew Post) series. The series was issued shortly after the declaration of independence and is highly significant as Israel’s very first set of postage stamps.

The design features reproductions of ancient Jewish coins:

• On the left is a pomegranate, symbolizing fertility and abundance, drawn from coins of the Bar Kochba Revolt.

• On the right is a chalice (cup), a common motif on coins of the Second Temple period.
  The inscriptions appear in ancient Hebrew script, while the text at the top says “Doar Ivri” (Hebrew Post) in modern Hebrew, and the Arabic inscription below reads “Al-Barid al-‘Ibri” (Hebrew Post).

This issue is prized by collectors for its historical value, symbolizing the rebirth of a Jewish state after two millennia. High denominations like the 500 mils were mainly used for heavier international postage or bulk mailing.