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The Israeli new shekel
Israeli new shekel
(Hebrew: שֶׁקֶל חָדָשׁ‎  Sheqel H̱adash; Arabic: شيقل جديد‎ shēqel jadīd; sign: ₪; code: ILS), also known as simply the Israeli shekel and formerly known as the New Israeli Sheqel (NIS), is the currency of Israel
Israel
and is also used as a legal tender in the Palestinian territories of the West Bank
West Bank
and the Gaza Strip. The new shekel is divided into 100 agora. The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1. The currency sign for the new shekel ⟨ ₪ ⟩ is a combination of the first Hebrew letters
Hebrew letters
of the words shekel (ש) and ẖadash (ח) (new). Alongside the shekel sign, the following abbreviations of NIS, ש" ח and ش.ج are also used commonly to denominate prices.

Contents

1 History

1.1 Israeli pound
Israeli pound
(1952–1980) 1.2 Shekel
Shekel
(1980–1985) 1.3 New shekel (1985–present)

2 Coins 3 Banknotes

3.1 Series A (1985–1999) 3.2 Series B (1999–2017) 3.3 Series C (2014–present)

4 Exchange rates 5 See also 6 References 7 External links

History[edit] The origin of the name "shekel" (שקל‎) is from the ancient biblical currency by the same name. Shekel
Shekel
is any of several ancient units of weight or of currency in ancient Israel. Initially, it may have referred to a weight of barley. In ancient Israel, the shekel was known to be about 180 grains (11 grams or .35 troy ounces). From the formation of the modern State of Israel
Israel
on 14 May 1948 through 1952 banknotes continued to be issued by the Anglo-Palestine Bank as the Palestine pound
Palestine pound
which was pegged to the British Pound.[3][3] In 1952, the Anglo-Palestine Bank
Anglo-Palestine Bank
changed its name to Bank Leumi
Bank Leumi
Le-Yisrael (National Bank of Israel) and the currency name became the Israeli pound.[4] Israeli pound
Israeli pound
(1952–1980)[edit] Main article: Israeli pound The Israeli pound
Israeli pound
(לירה ישראלית‎) was the currency of the State of Israel
Israel
from June 1952 until 23 February 1980, when it was replaced with the shekel on 24 February 1980. From 1955, after the Bank of Israel
Israel
was established and took over the duty of issuing banknotes, only the Hebrew name was used, along with the symbol "I£".[5] The pegging to the British Pound was abolished on 1 January 1954, and in 1960, the sub-division of the Israeli pound
Israeli pound
was changed from 1000 prutot to 100 agorot. During the 1960s, a debate over the non-Hebrew name of the Israeli currency resulted in a law ordering the Minister of Finance to change the name pound into a Hebrew name, Shekel
Shekel
(שקל). The law allowed the minister to decide on a proper date for the change. The law did not come into effect until February 1980, when the Israeli government decided to change the monetary system and introduce the shekel at a rate of 1 shekel = I£10. Shekel
Shekel
(1980–1985)[edit] Main article: Old Israeli shekel The shekel, now known as the old shekel, was the currency of the State of Israel
Israel
between 24 February 1980 and 31 December 1985. The Israeli pound and its successor, the old shekel, all experienced frequent devaluations against foreign currencies during the 1960s and '70s. This trend culminated in the old shekel experiencing hyperinflation in the early 1980s. After inflation was contained as a result of the 1985 Economic Stabilization Plan, the new shekel was introduced, replacing the old shekel on 1 January 1986 at a rate of IS 1,000 to ₪1. New shekel (1985–present)[edit] Since the economic crisis of the 1980s and the subsequent introduction of the new shekel in 1985, the Bank of Israel
Israel
and the government of Israel
Israel
have maintained much more careful and conservative fiscal and monetary policies, and have gradually introduced various market-based economic reforms. In addition, the signing of free trade agreements helped the Israeli economy become more competitive, while heavy investment in its industrial and scientific base allowed the country to take advantage of opportunities associated with the rise of the global knowledge economy, thus greatly increasing exports and opening new markets for its products and services. As a result of these factors, inflation has been relatively low and the country now maintains a positive balance of payments, with a current account surplus equivalent to about 3% of its GDP in 2010. Consequently, its currency has strengthened considerably, rising approximately 20% in value relative to the US dollar in the 2000s decade, thereby reversing the trend of historical weakness the Israeli currency exhibited in the decades prior. Since 1 January 2003, the new shekel has been a freely convertible currency. Since 7 May 2006, new shekel derivative trading has also been available on the Chicago Mercantile Exchange.[6] This makes the new shekel one of only twenty or so world currencies for which there are widely available currency futures contracts in the foreign exchange market. It is also a currency that can be exchanged by consumers in many parts of the world.[7][8] On 26 May 2008, CLS Bank International announced that it would settle payment instructions in new shekels, making the currency fully convertible.[9] Since 20 March 2003, the new shekel has gained more than 44% in value against the US dollar.[10] Coins[edit] In 1985, coins in denominations of 1 agora, 5 and 10 agorot and ₪½ and ₪1 were introduced.[11] In 1990, ₪5 coins were introduced,[12] followed by ₪10 coins in 1995.[13] Production of 1 agora pieces ceased in 1990, and they were removed from circulation on 1 April 1991.[citation needed] A ₪2 coin was introduced on 9 December 2007.[14] The 5 agora coin, last minted in 2006, was removed from circulation on 1 January 2008.[15] In April 2011, it was reported that new coins would be minted that would use less metal and thus lower costs. Counterfeiting would also be harder.[16] The Bank of Israel
Israel
is considering dropping the word "new" on the planned coins series. If approved, this would be the first replacement of all coins since the introduction of the new shekel coins in September 1985.[17] The coins are minted by the Korea Minting and Security Printing Corporation (KOMSCO).[18]

New Shekel
Shekel
coin series

Image Value Technical parameters Description Date of

Diameter Thickness Mass Composition Edge Obverse Reverse issue withdrawal

1 agora 17 mm 1.2 mm 2 g Aluminium
Aluminium
bronze 92% copper 6% aluminium 2% nickel Plain Ancient galley, the state emblem, "Israel" in Hebrew, Arabic and English Value, date 4 September 1985 1 April 1991

5 agorot 19.5 mm 1.3 mm 3 g Replica of a coin from the fourth year of the war of the Jews against Rome depicting a lulav between two etrogim, the state emblem, "Israel" in Hebrew, Arabic and English 1 January 2008

10 agorot 22 mm 1.5 mm 4 g Replica of a coin issued by Antigonus II Mattathias
Antigonus II Mattathias
with the seven-branched candelabrum, the state emblem, "Israel" in Hebrew, Arabic and English Current

₪½ 26 mm 1.6 mm 6.5 g Lyre, the state emblem Value, date, "Israel" in Hebrew, Arabic and English

₪1 18 mm 1.8 mm 3.5 g Cupronickel 75% copper 25% nickel (1985-1993) Nickel-plated steel (1994–present)[19] Lily, "Yehud" in ancient Hebrew, the state emblem

₪2 21.6 mm 2.3 mm 5.7 g Nickel-plated steel Segmented (Plain and Reeded sections) Two cornucopia, the state emblem 9 December 2007

₪5 24 mm 2.4 mm 8.2 g Cupronickel 75% copper 25% nickel 12 sides Capital of column, the state emblem 2 January 1990

₪10 23 mm Core: 16 mm 2.2 mm 7 g Ring: Nickel
Nickel
bonded steel Center: Aureate bonded bronze Reeded Palm tree with seven leaves and two baskets with dates, the state emblem, the words "for the redemption of Zion" in ancient and modern Hebrew alphabet 7 February 1995

For table standards, see the coin specification table.

Note that all dates on Israeli coins are given in the Hebrew calendar and are written in Hebrew numerals.

Banknotes[edit] Series A (1985–1999)[edit] Beginning on 4 September 1985, banknotes were introduced in denominations of ₪5, ₪10, and ₪50. An ₪1 note followed on 8 May 1986 and the ₪20 note issued on 2 April 1988 completed the family.[20] The ₪1, ₪5 and ₪10 notes used the same basic designs as the earlier IS 1000, 5000, and 10 000 notes but with the denominations altered. In 1986, ₪100 notes were introduced, followed by ₪200 notes in 1991. The ₪1, ₪5 and ₪10 notes were later replaced by coins. A plan to issue an ₪500 banknote, carrying the portrait of Yitzhak Rabin, was announced shortly after Rabin's assassination in 1995. However, due to low inflation rates, there was no need for such a banknote and it was never issued.[21]

Image Value Dimensions Colour Obverse Reverse Date of issue Date of withdrawal

₪1 76x 138 mm green Maimonides Tiberias where Maimonides
Maimonides
is buried; Ancient stone lamp 8 May 1986 1995

₪5 blue Levi Eshkol Pipe carrying water, symbolizing the national carrier, fields and barren land in background 4 September 1985 1995

₪10 orange Golda Meir Picture of Golda Meir
Golda Meir
in the crowd, in front of the Moscow Choral Synagogue, as she arrived in Moscow as Israel's ambassador in 1948 4 September 1985 1995

₪20 dark gray Moshe Sharett The original building of Herzliya Gymnasium, Little Tel Aviv
Tel Aviv
in background 2 April 1988 1 July 2000

₪50 purple Shmuel Yosef Agnon Jerusalem
Jerusalem
skyline, Eastern European shtetl, the setting of many of Agnon's stories. 4 September 1985 1 July 2000

₪100 brown Yitzhak Ben-Zvi Peki'in Synagogue
Peki'in Synagogue
with carob tree and cave, Ancient stone lamp 19 August 1986 1 July 2000

₪200 red Zalman Shazar A girl writing at a desk as a symbol of the Compulsory Education Law which was initiated by Shazar, and Hebrew block letters in background 16 February 1992 1 July 2000

Series B (1999–2017)[edit] The Second series of bank notes were released in 1999, replacing the first series by 2005. In February 2008, the Bank of Israel
Israel
announced that the planning of the third series of banknotes has started and that the third series, to be issued in 2010, will most probably include a NIS 500 banknote as well.[citation needed] Though still not decided officially, the new series is likely to consist of polymer notes only. In December 2009, the Bank of Israel
Israel
announced a new series to be issued in 2012, which would bear the images of Theodor Herzl, David Ben-Gurion, Menachem Begin, and Yitzhak Rabin. The plan to issue an ₪500 note was officially abandoned.[22] The announcement was publicly criticized and, a few days later, the governor of the Bank of Israel
Israel
announced that the issue be reconsidered.[23] With the issuing of the third series of its currency in 2014, the Bank of Israel
Israel
has adopted the standard English spelling of shekel and plural shekels for its currency.[24] Previously, the Bank had formally used the Hebrew transcriptions of sheqel and sheqalim (from שְׁקָלִים‎).[25]

Second series of the new shekel

Image Value Dimensions Colour Obverse Reverse Date of issue

₪20 71x 138 mm Green Moshe Sharett Jewish volunteers in World War II; a watchtower, commemorating tower and stockade settlements 3 January 1999

₪20 Green Moshe Sharett Jewish volunteers in World War II; a watchtower, commemorating tower and stockade settlements. The additional red text on the polypropylene note reads "60 Years of the State of Israel" in Hebrew in red ink. It was only featured in a 1.8 million limited run close to the noted anniversary and is not present on a majority of notes. (Made of polypropylene, a polymer substrate, which is superior to the current paper note with a circulation life of a few months only. The polymer note is printed by Orell Füssli Security Printing of Zürich, Switzerland.) 13 April 2008

₪50 Purple Shmuel Yosef Agnon Agnon's notebook, pen and glasses, Jerusalem
Jerusalem
and the Temple Mount 31 October 1999

₪100 Brown Yitzhak Ben-Zvi Peki'in Synagogue 3 January 1999

₪200 Red Zalman Shazar a street in Safed
Safed
and text from Shazar's essay about Safed 31 October 1999

Series C (2014–present)[edit] The committee proposed that the new series would bear the portraits of prominent Hebrew poets, among them Rachel, Shaul Tchernichovsky, Leah Goldberg and Nathan Alterman. In December 2010, it was announced that the series would feature portraits of Menachem Begin, Yitzhak Rabin, and Rachel and Shmuel Yosef Agnon.[26] When Begin's family opposed the decision, the committee's original proposal was readopted.[27] On 14 November 2012, the Bank of Israel
Israel
announced that the new series of banknotes is in the final stages of design. The first of the new banknotes to begin circulation was in the ₪50 denomination on 16 September 2014,[28] followed by the ₪200 note on 23 December 2015.[29] The final two denominations, ₪20 and ₪100, were issued on 23 November 2017, completing the "Series C" banknote series.[30][31][32]

Third Series of the New Shekel

Image Value Dimensions Colour Obverse Reverse Date of issue

₪20 129 x 71 mm Red Rachel Bluwstein; the poem Kinneret in microprinting; Palm tree branches in the background Vista of the Sea of Galilee shoreline; Segment from the poem Perhaps it was nothing… 23 November 2017

₪50 136 x 71 mm Green Shaul Tchernichovsky; the poem Oh, My Land, My Homeland in microprinting; Citrus tree and its fruits in the background Capital of a Corinthian column; Segment from the poem I Believe 16 September 2014

₪100 143 x 71 mm Orange Leah Goldberg; the poem In the land of my love the almond tree blossoms in microprinting; Almond tree blossoms in the background A group of gazelles; Segment from the poem: White days 23 November 2017

₪200 150 x 71 mm Blue Nathan Alterman; the poem Eternal Meeting in microprinting; Fall leaves in the background Moonlit flora; Segment from the poem Morning Song 23 December 2015

Exchange rates[edit]

ILS per currency, averaged over the year

Currency ISO 4217 Unit 1986 1991 1996 2001 2006 2011 2016

United States dollar USD 1 1.36 2.59 3.36 4.22 4.47 3.46 3.77

Soviet ruble SUR1 1 1.80 4.61

Russian ruble RUB 1

0.62 0.14 0.16 0.12 0.05

Japanese yen JPY 100 0.81 1.87 3.16 3.42 4.00 4.27 3.44

Pound sterling GBP 1 2.07 4.47 5.16 6.10 8.36 5.53 5.15

Deutsche Mark DEM2 1 0.61 1.50 2.22

Euro EUR 1

3.63 5.65 4.91 4.25

Swiss franc CHF 1 0.73 1.78 2.68 2.37 3.67 4.14 3.89

Jordanian dinar JOD 1 4.25 3.34 4.50 5.89 6.44 4.81 5.32

Egyptian pound EGP 1 2.12 0.72 0.94 1.07 0.77 0.57 0.42

Renminbi CNY 1 0.39 0.47 0.39 0.50 0.55 0.55 0.58

*1 SUR ceased to exist after 1993, and was replaced by RUB. *2 DEM ceased to exist after 1999, and was replaced by EUR.

Current ILS exchange rates

From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

From XE: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB CNY

See also[edit]

Bank of Israel Economy of Israel

References[edit]

^ According to Article 4 of the 1994 Paris Protocol The Protocol allows the Palestinian Authority to adopt additional currencies. In the West Bank
West Bank
the Jordanian dinar
Jordanian dinar
is widely accepted and in the Gaza Strip the Egyptian pound
Egyptian pound
is often used. ^ "אינפלציה ומדיניות מוניטרית > האינפלציה בפועל > המחירים לצרכן" (in Hebrew). Bank of Israel.  ^ a b One Palestine Pound, IL: Bank of Israel, archived from the original on 27 April 2006  ^ One Israeli Pound, IL: Bank of Israel, archived from the original on 27 September 2007  ^ First Series of the Pound, IL: Bank Le-Israel, archived from the original on 27 September 2007  ^ "CME to Launch Foreign Exchange Contract on Israeli Shekel" (Press release). Chicago Mercantile Exchange. 6 April 2006.  ^ "Israelis can soon travel the world with shekels in their pockets". haaretz.com. Haaretz. Retrieved 15 March 2018.  ^ "shekel begins trading on global markets". jpost.com. Jerusalem Post. Archived from the original on 13 August 2011. Retrieved 15 March 2018.  ^ CLS Press Release (26 May 2008). "CLS Bank live with Israeli shekel and Mexican Peso". Archived from the original on 30 May 2008.  ^ http://fxtop.com/en/historical-exchange-rates-graph-zoom.php?C1=ILS&C2=USD&A=1&DD1=01&MM1=01&YYYY1=1997&DD2=12&MM2=10&YYYY2=2016&LARGE=1&LANG=en&VAR=0&MM1M=0&MM3M=0&MM1Y=0, Retrieved, 13 October 2016 ^ "About the Agora and New Shekel
Shekel
Series". Banknotes and Coins Catalog. Bank of Israel. Retrieved 26 December 2007.  ^ "5 NEW SHEQALIM". Banknotes and Coins Catalog. The Bank of Israel. Retrieved 26 December 2007.  ^ "10 NEW SHEQALIM". Banknotes and Coins Catalog. The Bank of Israel. Retrieved 26 December 2007.  ^ "The new NIS 2 coin" (Press release). The Bank of Israel. 8 July 2007. Retrieved 26 December 2007.  ^ "Cancellation of the 5 agora coin" (in Hebrew). The Bank of Israel. 1 January 2008. Retrieved 4 September 2016.  ^ Tomer Avital's report in Calcalist, 21 April 2011 (Hebrew) ^ Gad Lior's report in Ynet, 21 April 2011 ^ " Israeli new shekel
Israeli new shekel
conversion". Metric Conversion charts and calculators. Retrieved 15 March 2018.  ^ Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995 ^ Linzmayer, Owen (2012). "Israel". The Banknote
Banknote
Book. San Francisco, CA: www.BanknoteNews.com.  ^ "The 500 NIS banknote that was never released (Obverse)".  ^ Motti Basok's report in Haaretz, 17 December 2009 (Hebrew); Keren Marziano's report, Channel Two News, 16 December 2009 (Hebrew) ^ Press release, Bank of Israel, 23 December 2009 ^ "Third Series of the New Shekel", Currency, Bank of Israel  ^ "Second Series of the New Shekel", Currency, Bank of Israel . ^ Press release, Bank of Israel, 19 December 2009 ^ Press release, Bank of Israel, 10 March 2011 ^ השטר החד ש
ש
הושק: "יהי קשה לזייף שטרות" [The new banknote was launched: "It will be difficult to counterfeit banknotes"] (in Hebrew). ynet. 10 September 2014. Retrieved 10 September 2014.  ^ "Israel's new NIS 200 note enters circulation today". Globes. 23 December 2015. Retrieved 23 December 2015.  ^ Press release, Bank of Israel: The next banknotes in the new series – the NIS 20 and NIS 100 banknotes – will be distributed to the public on from Thursday, November 23, 2017 – 5 Kislev 5778 Bank of Israel
Israel
(www.bankisrael.gov.il). 16 November 2017 ^ Press release, Bank of Israel: Information on the new series of banknotes 14 November 2012 ^ Press release by the Bank of Israel: Images and descriptions on the new series of Israeli new shekel
Israeli new shekel
banknotes Bank of Israel (www.bankisrael.gov.il). 28 April 2013. Retrieved on 1 May 2013.

External links[edit]

Wikimedia Commons has media related to Israeli new sheqel.

Bank of Israel
Israel
catalogue of Israeli currency since 1948 Exchange rates since 1948 American Israel
Israel
Numismatic Association Current Sheqel Dollar Rate Shaar yatzig – Official Rate gadget The banknotes of Israel
Israel
(in English) (in German)

v t e

Historical currencies of Israel     

Year May 1948 – June 1952 June 1952 – 1960 1960–1980 1980–1985 1985–present

Main unit Palestine pound Israeli pound (Old) Shekel New shekel

Subunit 1/1000 = mil 1/1000 = pruta 1/100 = agora 1/100 = new agora 1/100 = agora

v t e

Currencies of Asia

Central

Kazakhstani tenge Kyrgyzstani som Tajikistani somoni Turkmenistan manat Uzbekistani soʻm

East

Chinese yuan Hong Kong dollar Japanese yen North Korean won South Korean won Macanese pataca Mongolian tögrög New Taiwan dollar

unrecognized

North

Russian ruble

South

Afghan afghani Bangladeshi taka Bhutanese ngultrum Indian rupee Maldivian rufiyaa Nepalese rupee Pakistani rupee Sri Lankan rupee Pound sterling

British Indian Ocean Territory

U.S. dollar

British Indian Ocean Territory

Southeast

Brunei dollar Burmese kyat Cambodian riel East Timorese centavo Indonesian rupiah Lao kip Malaysian ringgit Philippine peso
Philippine peso
(piso) Singapore dollar Thai baht U.S. dollar

East Timor

Vietnamese đồng

West

Abkhazian apsar

unrecognized

Armenian dram Artsakh dram

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Azerbaijani manat Bahraini dinar Egyptian pound

Gaza Strip

Euro

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Georgian lari Iranian rial Iraqi dinar Israeli new shekel Jordanian dinar Kuwaiti dinar Lebanese pound Omani rial Russian ruble
Russian ruble
( Abkhazia
Abkhazia
(unrecognized) and South Ossetia (unrecognized)) Qatari riyal Saudi riyal Syrian pound Turkish lira UAE

.