In this paper, we experimentally demonstrate a stable passive Q-switched fiber laser operating at 1543.5 nm using a double clad Erbium-Ytterbium co-doped fiber (EYDF) as the gain medium in conjunction with nonlinear polarization rotation (NPR) technique. An isolator is used in conjunction with a highly nonlinear EYDF to induce intensity dependent loss in a sufficiently-high loss ring cavity to achieve Q-switched operation with a low pump threshold of 300 mW. At 980 nm multimode pump power of 500 mW, the EYDF laser generates an optical pulse train with a repetition rate of 46.95 kHz, pulse width of 5.3 ”s and pulse energy of 75.6 nJ. The simple and inexpensive Q-switched NPRbased laser has a big potential for applications in metrology, environmental sensing and biomedical diagnostics.