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Israeli new shekel

(Redirected from Israeli new sheqel)
"Israeli shekel" redirects here. For the currency of Israel between 1980 and 1985, see Old Israeli shekel. For the currency of Israel between 1952 and 1980, see Israeli pound. For ancient currencies and units of weight, see Shekel.

The new Israeli shekel (Hebrew: שֶׁקֶל חָדָשׁ, romanized: sheqel ẖadash, pronounced [ˈʃekel χaˈdaʃ] ⓘ; Arabic: شيكل جديد, romanized: šēkal jadīd; sign: ₪; ISO code: ILS; unofficial abbreviation: NIS), also known as simply the Israeli shekel (Hebrew: שקל ישראלי, romanized: sheqel yisreʾeli; Arabic: شيكل إسرائيلي, romanized: šēkal ʾisrāʾīlī), is the currency of Israel and is also used as a legal tender in the Palestinian territories of the West Bank and the Gaza Strip. The new shekel is divided into 100 agorot. The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1.

New Israeli shekel
NIS
New shekel banknotes (Current Series C)
ISO 4217
CodeILS (numeric: 376)
Subunit0.01
Unit
Unitshekel
Plural
  • shekels
  • sheqalim
Symbol₪‎
Denominations
Subunit
 1⁄100agora
Plural
 agora
  • agoras
  • agorot
Banknotes₪20, ₪50, ₪100, ₪200
Coins10 agorot, ₪1⁄2, ₪1, ₪2, ₪5, ₪10
Demographics
Date of introduction1 January 1986
ReplacedOld Israeli shekel
Official user(s) Israel
Unofficial user(s) Palestinian Authority[1]
Issuance
Central bankBank of Israel
 Websiteboi.org.il
PrinterOrell Füssli[2]
MintKOMSCO[3]
Valuation
InflationPositive decrease−0.59% (2020)
Negative increase0.35% (2021 est.)
 SourceBank of Israel, Statista, April 2021

The currency sign for the new shekel ⟨ ₪ ⟩ is a combination of the first Hebrew letters of the words shekel (ש‎) and ẖadash (ח‎) (new). When the shekel sign is unavailable the abbreviation NIS (ש״ח and ش.ج) is used.

History

Main article: Shekel

The origin of the name "shekel" (שֶׁקֶל) is from the ancient Biblical currency by the same name. An early Biblical reference is Abraham being reported to pay "four hundred shekels of silver" to Ephron the Hittite for the Cave of the Patriarchs in Hebron (Genesis 23:15–16). Shekel is any of several ancient units of weight or of currency in ancient Israel, from the Hebrew root ש-ק-ל (š-q-l) meaning 'weigh' (שָׁקַל šaqal 'to weigh', שֶׁקֶל šeqel 'a standard weight'), common with other Semitic languages like Akkadian (resp. šaqālu and šiqlu)[4] and Aramaic (resp. תְּקַל teqal and תִּקְלָא tiqla).[5] 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 0.35 troy ounces).

From the formation of the modern State of Israel on 14 May 1948 through 1952 banknotes continued to be issued by the Anglo-Palestine Bank as the Palestine pound which was pegged at £P1 = £1 sterling.[6] In 1952, the Anglo-Palestine Bank changed its name to Bank Leumi Le-Yisrael (National Bank of Israel) and the currency name became the Israeli pound.[7]

Israeli pound (1952–1980)

Main article: Israeli pound

The Israeli pound (לירה ישראלית, "lira yisraelit") was the currency of the State of Israel from June 1952 until it was replaced with the shekel on 24 February 1980. From 1955, after the Bank of Israel was established and took over the duty of issuing banknotes, only the Hebrew name was used, along with the symbol "IL".[8] The pegging to sterling was abandoned on 1 January 1954, and in 1960, the sub-division of the Israeli pound was changed from 1,000 prutot to 100 agorot.

Because lira (Hebrew: לִירָה) was a loanword from Latin, a debate emerged in the 1960s over the name of the Israeli currency due to its non-Hebrew origins. This resulted in a law ordering the Minister of Finance to change the name from lira to the Hebrew name shekel (Hebrew: שקל). The law allowed the minister to decide on the date for the change. The law came into effect in February 1980, when the Israeli government introduced the 'Israeli shekel' (now called old Israeli shekel), at a rate of IL10 = IS 1.

Shekel (1980–1985)

Main article: Old Israeli shekel

The original shekel, now known as the old shekel, was the currency of the State of Israel between 24 February 1980 and 31 December 1985. Both it and its predecessor, the Israeli pound, experienced frequent devaluations against foreign currencies during the 1960s and 1970s. 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)

 
 
 
 
 
 
Removing three zeros: The smallest of the new banknotes (below) correspond to the biggest of the old (above).

Since the economic crisis of the 1980s and the subsequent introduction of the new shekel in 1985, the Bank of Israel and the government of 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 though less so than an exceptional rise in the Euro and Swiss Franc, rising approximately 20% in value relative to the US dollar from 2001 to 2011, contrasting to weakening in prior decades.

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.[9] 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.[10][11] On 26 May 2008, CLS Bank International announced that it would settle payment instructions in new shekels, making the currency fully convertible.[12]

Coins

In 1985, coins in denominations of 1 agora, 5 agorot, 10 agorot, ₪1⁄2, and ₪1 were introduced.[13] In 1990, ₪5 coins were introduced,[14] followed by ₪10 coins in 1995.[15] 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.[16] The 5 agorot coin, last minted in 2007, was removed from circulation on 1 January 2008.[17]

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.[18] The Bank of 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.[19] The coins are minted by the Korea Minting and Security Printing Corporation (KOMSCO).[3]

In 2022, the Bank of Israel announced a new series of coins featuring updated inscriptions for its coins, with "new shekels" replacing "new sheqalim". The 5 and 10 new shekel coins will be the first to feature the new inscriptions, and the 10 agorot and 1⁄2 new shekel coins will feature its unit names rendered in Arabic.[20]

New 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 bronze
92% copper
6% aluminium
2% nickel 		Plain Ancient galley, "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, "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 with the seven-branched candelabrum, the state emblem, "Israel" in Hebrew, Arabic and English Current
  ₪0.5 26 mm 1.6 mm 6.5 g Lyre 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)[21] 		Plain Lily, "Yehud" in ancient Hebrew Value, date, "Israel" in Hebrew, Arabic and English 4 September 1985 Current
  ₪2 21.6 mm 2.3 mm 5.7 g Nickel-plated steel Segmented (plain and reeded sections) Two cornucopia 9 December 2007
  ₪5 24 mm 2.4 mm 8.2 g Cupronickel
75% copper
25% nickel 		12 sides Capital of column 2 January 1990
  ₪10 23 mm
Core: 16 mm 		2.2 mm 7 g Ring: nickel-bonded steel
Center: aureate-bonded bronze 		Reeded Palm tree with seven leaves and two baskets with dates, the words "for the redemption of Zion" in ancient and modern Hebrew alphabet 7 February 1995
For table standards, see the coin specification table.

Banknotes

Series A (1985–1999)

Beginning on 4 September 1985. banknotes are introduced in denominations of ₪5, ₪10, and ₪50. An ₪1 note followed on 8 May 1986 and the ₪100 note issued on 19 August 1986. On 2 April 1988, the ₪20 note issued and the ₪200 note issued on 16 February 1992 completing the family.[22] 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.

The ₪1, ₪5 and ₪10 notes were later replaced by coins. A number of these coins, in their first minting, had the images of the individuals on the notes engraved on them.

Image Value Dimensions Colour Obverse Reverse Date of issue Date of withdrawal
  ₪1 76x 138 mm green Maimonides Tiberias where Maimonides is buried; ancient stone lamp 8 May 1986 1995
  ₪5 blue Levi Eshkol Pipe carrying water, symbolizing the National Water Carrier, fields and barren land in background 4 September 1985 1995
  ₪10 orange Golda Meir Picture of 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 in background 2 April 1988 1 July 2000
  ₪50 purple Shmuel Yosef Agnon 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 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
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Series B (1999–2017)

The Second series of bank notes was released in 1999, replacing the first series by 2005. A plan to issue a ₪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.[23]

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 regular Series B 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 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 and text from Shazar's essay about Safed 31 October 1999
₪500 Blue Yitzhak Rabin Part of a speech given by the late Prime Minister shortly before his assassination[24] Never printed
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Series C (2014–present)

The committee proposed that the new series would bear the portraits of prominent Hebrew poets, among them Rachel Bluwstein, Shaul Tchernichovsky, Leah Goldberg and Nathan Alterman. In December 2010, it was announced that the series would feature portraits of Menachem Begin, Yitzhak Rabin, Rachel, and Shmuel Yosef Agnon.[25] When Begin's family opposed the decision, the committee's original proposal was readopted.[26]

On 14 November 2012, the Bank of 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,[27] followed by the ₪200 note on 23 December 2015.[28] The final two denominations, ₪20 and ₪100, were issued on 23 November 2017, completing the "Series C" banknote series.[29][30][31]

With the issuing of the third series, the Bank of Israel has adopted the standard English spelling of shekel and plural shekels for its currency.[32] Previously, the Bank had formally used the Hebrew transcriptions of sheqel and sheqalim (from שְׁקָלִים).[33] The new notes also used the Arabic شيكل (šaykal) rather than شيقل (šayqal), which had been used on all banknotes previously.

The banknotes are printed by Orell Füssli Security Printing of Switzerland.[2]

Third Series of the New Shekel
Image Value Dimensions Colour Description Date of issue
Obverse Reverse
  ₪20 129 × 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 × 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 × 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 × 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
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange rates

 
The cost of one euro in ILS (from 2011).
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
Yen JPY 100 0.81 1.87 3.16 3.42 4.00 4.27 3.44
Sterling (pound) 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 1.86 2.89 2.51 2.17
French franc FRF3 1 0.19 0.44 0.65 0.55 0.86 0.75 0.65
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 (yuan) 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.
3 FRF ceased to exist after 1999, and was replaced by EUR.
Current ILS exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD JOD EGP EUR
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD JOD EGP EUR
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD JOD EGP EUR
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD JOD EGP EUR

See also

References

  1. ^ The State of Palestine lacks an official legal tender. According to Article 4 of the 1994 Paris Protocol, the Protocol allows the Palestinian Authority to adopt additional currencies. In the West Bank the Jordanian dinar is widely accepted and in the Gaza Strip the Egyptian pound is often used.
  2. ^ a b "Israel lässt in Zürich Geld drucken". 20 Minuten. 27 April 2011.
  3. ^ a b "S. Korea Makes Money by Making Money". Voice of America News. 17 July 2012. Retrieved 13 March 2020.
  4. ^ "Search Entry".
  5. ^ "Jastrow, תִּקְלָא".
  6. ^ One Palestine Pound, IL: Bank of Israel, archived from the original on 27 April 2006
  7. ^ One Israeli Pound, IL: Bank of Israel, archived from the original on 27 September 2007
  8. ^ First Series of the Pound, IL: Bank Le-Israel, archived from the original on 27 September 2007
  9. ^ "CME to Launch Foreign Exchange Contract on Israeli Shekel" (Press release). Chicago Mercantile Exchange. 6 April 2006.
  10. ^ "Israelis can soon travel the world with shekels in their pockets". haaretz.com. Haaretz. Retrieved 15 March 2018.
  11. ^ "shekel begins trading on global markets". jpost.com. Jerusalem Post. Archived from the original on 13 August 2011. Retrieved 15 March 2018.
  12. ^ CLS Press Release (26 May 2008). "CLS Bank live with Israeli shekel and Mexican Peso". Archived from the original on 30 May 2008.
  13. ^ "About the Agora and New Shekel Series". Banknotes and Coins Catalog. Bank of Israel. Retrieved 26 December 2007.[permanent dead link‍]
  14. ^ "5 NEW SHEQALIM". Banknotes and Coins Catalog. The Bank of Israel. Retrieved 26 December 2007.[permanent dead link‍]
  15. ^ "10 NEW SHEQALIM". Banknotes and Coins Catalog. The Bank of Israel. Retrieved 26 December 2007.[permanent dead link‍]
  16. ^ "The new NIS 2 coin" (Press release). The Bank of Israel. 8 July 2007. Archived from the original on 5 November 2011. Retrieved 26 December 2007.
  17. ^ "Cancellation of the 5 agora coin" (in Hebrew). The Bank of Israel. 1 January 2008. Archived from the original on 6 May 2016. Retrieved 4 September 2016.
  18. ^ Tomer Avital's report in Calcalist, 21 April 2011 (Hebrew)
  19. ^ Gad Lior's report in Ynet, 21 April 2011
  20. ^ Update of the inscription on circulating coins Bank of Israel (https://www.boi.org.il). Retrieved on 2023-04-01.
  21. ^ Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995
  22. ^ Linzmayer, Owen (2012). "Israel". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  23. ^ "The 500 NIS banknote that was never released (Obverse)". Archived from the original on 23 March 2021. Retrieved 19 September 2010.
  24. ^ שטר בסימן שאלה, Bulletin of the Numismatics Association in Israel, October 2005, archived from the original on 13 January 2021, retrieved 3 October 2018
  25. ^ Press release, Bank of Israel Archived 29 March 2012 at the Wayback Machine, 19 December 2009
  26. ^ Press release, Bank of Israel Archived 29 March 2012 at the Wayback Machine, 10 March 2011
  27. ^ השטר החדש הושק: "יהי קשה לזייף שטרות" [The new banknote was launched: "It will be difficult to counterfeit banknotes"]. ynet (in Hebrew). 10 September 2014. Retrieved 10 September 2014.
  28. ^ "Israel's new NIS 200 note enters circulation today". Globes. 23 December 2015. Retrieved 23 December 2015.
  29. ^ 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 Archived 17 April 2021 at the Wayback Machine Bank of Israel (www.bankisrael.gov.il). 16 November 2017
  30. ^ Press release, Bank of Israel: Information on the new series of banknotes Archived 1 May 2013 at the Wayback Machine 14 November 2012
  31. ^ Press release by the Bank of Israel: Images and descriptions on the new series of Israeli new shekel banknotes Archived 15 November 2016 at the Wayback Machine Bank of Israel (www.bankisrael.gov.il). 28 April 2013. Retrieved on 1 May 2013.
  32. ^ "Third Series of the New Shekel", Currency, Bank of Israel, archived from the original on 25 March 2021, retrieved 9 February 2016
  33. ^ "Second Series of the New Shekel", Currency, Bank of Israel, archived from the original on 25 March 2021, retrieved 9 February 2016.
 
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