Actualy, I think it's from 1886, published by Imbar in his book of nationalist songs, "Barka'i". The very first draft was written in 1877 and by the time the poet arrived in Palestine five years later he would always read it aloud with great gusto when a guest in the Moshavot. He would add verses as the mood took him, until there were nine. The site where it was officialy composed has been bitterly contested ever since by several moshavot. Worth noting that he polished it up in a Jersualem hotel room, the walls of which he covered with scribbles!
The original title was Our Hope, later changed to The Hope. If the conflicting stories regarding it's origin, history and indeed words, are anything to go by, it's a true folk song.
Strangely enough, it was unpopular with the elite, who considered it lyricaly and melodicaly inferior, as well as a bit of a cliche.
Joe F, the change was made in 1905 by Dr Y. L. Matman Cohen. I think it scans better and is a lot less archaic.