The George Washington "thumb Bible" which paraphrases the Old and New Testaments was originally written by John Taylor, a 16th century English poet.
The full dedication reads: "To his Excellency G. Washington, President of the United States of America. Most hopeful George, into thy hands we give, The sum of that which makes us ever live.
"And tho' the volume and the work be small, Yet it contains the sum of all in all."
Less than a dozen copies of the 2 inches by 1.375 inches special edition remain in the public domain.
The book includes a number of early American woodcuts depicting biblical scenes and figures.
Dr Aviad Stollman, head of collections at the National Library of Israel told The Time of Israel: "The term 'thumb Bible' refers to abbreviated Bibles like this, which were popular in early 19th-century America, where they were used to educate children."
The miniature Bible was purchased jointly by the National Library and archaeology, books and Judaica collectors David and Jemima Jeselsohn through a private sale arranged by the Sotheby's auction house.
It will also be showcased in the National Library of Israel's landmark new building, currently under construction in Jerusalem. It is scheduled to open in 2021.
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