This image of a coin from Palestine in 1927 is being used as evidence for the existence of the state of the Palestinians before Israel arrived there in 1948. Even while at the time the land, which is called Israël officially since 1948, has been Israeli territory for already thousands of years.
In 1927 the land was under British mandate. This mandate came into effect on September 29 of 1923, after the ratification of the Treaty of Lausanne. The mandate ended at midnight on May 14 1948.
So Palestine is the old name for Israel, which in 1927 has been under England’s rule for a short while. We may assume that the people who call themselves Palestinians nowadays would not claim that they bow down for or serve the queen of England!