Israeli new shekel

Template:Short description Template:Redirect Template:Pp-extended Template:Use dmy dates Template:Infobox currency

The new Israeli shekel (Template:Langx, {{#invoke:IPA|main}}; Template:Langx; sign: ₪; ISO code: ILS; unofficial abbreviation: NIS), also known as simply the Israeli shekel (Template:Langx; Template:Langx), 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.

The currency sign for the new shekel Template:Angle brackets is a combination of the first Hebrew letters of the words shekel (Template:Script/Hebrew) and ẖadash (Template:Script/Hebrew) (new). When the shekel sign is unavailable the abbreviation NIS ({{#invoke:Lang|lang}} and {{#invoke:Lang|lang}}) is used.

HistoryEdit

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} The origin of the name "shekel" ({{#invoke:Lang|lang}}) 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 (Template:Bibleverse). Shekel is any of several ancient units of weight or of currency in ancient Israel, from the Hebrew root {{#invoke:Lang|lang}} (š-q-l) meaning 'weigh' ({{#invoke:Lang|lang}} {{#invoke:Lang|lang}} 'to weigh', {{#invoke:Lang|lang}} {{#invoke:Lang|lang}} 'a standard weight'), common with other Semitic languages like Akkadian (resp. {{#invoke:Lang|lang}} and {{#invoke:Lang|lang}})<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> and Aramaic (resp. {{#invoke:Lang|lang}} {{#invoke:Lang|lang}} and {{#invoke:Lang|lang}} {{#invoke:Lang|lang}}).<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name="auto">Template:Citation</ref> In 1952, the Anglo-Palestine Bank changed its name to {{#invoke:Lang|lang}} (Template:Langx, 'National Bank of Israel') and the currency name became the Israeli pound.<ref>Template:Citation</ref>

Israeli pound (1952–1980)Edit

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} The Israeli pound ({{#invoke:Lang|lang}}, {{#invoke:Lang|lang}}) 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".<ref>Template:Citation</ref> 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 {{#invoke:Lang|lang}} to 100 {{#invoke:Lang|lang}}.

Because {{#invoke:Lang|lang}} (Template:Langx) 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 {{#invoke:Lang|lang}} to the Hebrew name {{#invoke:Lang|lang}} (Template:Langx). 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)Edit

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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 Template:Nowrap to Template:Nowrap

New shekel (1985–present)Edit

Template:Multiple image 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.<ref>Template:Cite press release</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> On 26 May 2008, CLS Bank International announced that it would settle payment instructions in new shekels, making the currency fully convertible.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The shekel in modern times is often highly volatile caused by Israel's policies, with many countries since 2023 refusing to economically cooperate with Israel.<ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

CoinsEdit

In 1985, coins in denominations of 1 agora, 5 agorot, 10 agorot, ₪Template:Frac, and ₪1 were introduced.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}Template:Dead link</ref> In 1990, ₪5 coins were introduced,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}Template:Dead link</ref> followed by ₪10 coins in 1995.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}Template:Dead link</ref> Production of 1 agora pieces ceased in 1990, and they were removed from circulation on 1 April 1991.Template:Citation needed A ₪2 coin was introduced on 9 December 2007.<ref name="2sheqalim">Template:Cite press release</ref> The 5 agorot coin, last minted in 2007, was removed from circulation on 1 January 2008.<ref name="5agorot">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>Tomer Avital's report in Calcalist, 21 April 2011 (Hebrew)</ref> 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.<ref>Gad Lior's report in Ynet, 21 April 2011</ref> The coins are minted by the Korea Minting and Security Printing Corporation (KOMSCO).<ref name="komsco1"/>

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 Template:Frac new shekel coins will feature its unit names rendered in Arabic.<ref>Update of the inscription on circulating coins Bank of Israel (https://www.boi.org.il). Retrieved on 2023-04-01.</ref>

New shekel coin series
Image	Value	Technical parameters				Description			Date of
Image	Value	Diameter	Thickness	Mass	Composition	Edge	Obverse	Reverse	issue	withdrawal
File:Israel 1 Agora 1985 Obverse & Reverse.jpg	Template:Nowrap	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
File:Israel 5 Agorot 1985 Edge, Obverse & Reverse.jpg	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
File:Israel 10 Agorot 1985 Edge, Obverse & Reverse.jpg	Template:Nowrap	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
File:Israel Half New Sheqel 1985 Edge, Obverse & Reverse.jpg	Template:Nowrap	26 mm	1.6 mm	6.5 g			Lyre	Value, date, "Israel" in Hebrew, Arabic and English		Current
File:Israel 1 New Sheqel 1985 Edge, Obverse & Reverse.jpg	Template:Nowrap	18 mm	1.8 mm	3.5 g	Cupronickel 75% copper 25% nickel (1985–1993) Nickel-plated steel (1994–present)<ref>Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995</ref>	Plain	Lily, "Yehud" in ancient Hebrew	Value, date, "Israel" in Hebrew, Arabic and English	4 September 1985	Current
File:Israel 2 New Sheqels 2010 Edge, Obverse & Reverse.jpg	Template:Nowrap	21.6 mm	2.3 mm	5.7 g	Nickel-plated steel	Segmented (plain and reeded sections)	Two cornucopia		9 December 2007
File:Israel 5 New Sheqels 2012 Edge, Obverse & Reverse.jpg	Template:Nowrap	24 mm	2.4 mm	8.2 g	Cupronickel 75% copper 25% nickel	12 sides	Capital of column		2 January 1990
File:Israel 10 New Sheqels 2011 Edge, Obverse & Reverse.jpg	Template:Coin-silver-color \| Template:Nowrap	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
Template:Standard coin table notice

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

BanknotesEdit

Series A (1985–1999)Edit

Beginning on 4 September 1985. banknotes are introduced in denominations of Template:Nowrap ₪10, and ₪50. An Template:Nowrap note followed on 8 May 1986 and the Template:Nowrap note issued on 19 August 1986. On 2 April 1988, the Template:Nowrap note issued and the Template:Nowrap note issued on 16 February 1992 completing the family.<ref>Template:Cite book</ref> The Template:Nowrap ₪5 and ₪10 notes used the same basic designs as the earlier Template:Nowrap 5000, and Template:Nowrap notes but with the denominations altered.

The Template:Nowrap ₪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
File:Israel 1 Sheqel 1986 Obverse & Reverse.jpg	₪1	76x 138 mm	green	Maimonides	Tiberias where Maimonides is buried; ancient stone lamp	8 May 1986	1995
File:Israel 5 New Sheqalim 1987 Obverse & Reverse.jpg	₪5		blue	Levi Eshkol	Pipe carrying water, symbolizing the National Water Carrier, fields and barren land in background	4 September 1985	1995
File:Israel 10 New Sekel 1985 Obverse & Reverse.jpg	₪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
File:Israel 20 New Sheqalim 1993 Obverse & Reverse.jpg	₪20		dark gray	Moshe Sharett	The original building of Herzliya Gymnasium, Little Tel Aviv in background	2 April 1988	1 July 2000
File:Israel 50 New Sheqalim 1992 front & back.jpg	₪50		purple	Shmuel Yosef Agnon	Jerusalem skyline, Eastern European shtetl, the setting of many of Agnon's stories.	4 September 1985	1 July 2000
File:Israel 100 New Sheqalim 1995 front & back.jpg	₪100		brown	Yitzhak Ben-Zvi	Peki'in Synagogue with carob tree and cave; ancient stone lamp	19 August 1986	1 July 2000
File:Israel 200 New Sheqalim1994 Obverse & Reverse.jpg	₪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
Template:Standard banknote table notice

Series B (1999–2017)Edit

The Second series of bank notes was released in 1999, replacing the first series by 2005. A plan to issue a Template:Nowrap 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Second series of the new shekel
Image	Value	Dimensions	Colour	Obverse	Reverse	Date of issue
File:Israel-20-New-Sheqalim-1998-revers.jpg File:Israel-20-New-Sheqalim-1998-avers.jpg	Template:Nowrap	71x 138 mm	Green	Moshe Sharett	Jewish volunteers in World War II; a watchtower, commemorating tower and stockade settlements	3 January 1999
File:20 NIS Bill (polypropylene) Obverse & Reverse.jpg	Template:Nowrap		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
File:50 NIS Bill Obverse & Reverse.jpg	Template:Nowrap		Purple	Shmuel Yosef Agnon	Agnon's notebook, pen and glasses, Jerusalem and the Temple Mount	31 October 1999
File:100 NIS Bill Obverse & Reverse.jpg	Template:Nowrap		Brown	Yitzhak Ben-Zvi	Peki'in Synagogue	3 January 1999
File:200 NIS Bill Obverse & Reverse.jpg	Template:Nowrap		Red	Zalman Shazar	A street in Safed and text from Shazar's essay about Safed	31 October 1999
	Template:Nowrap		Blue	Yitzhak Rabin	Part of a speech given by the late Prime Minister shortly before his assassination<ref>Template:Citation</ref>	Never printed
Template:Standard banknote table notice

Series C (2014–present)Edit

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.<ref>Press release, Bank of Israel Template:Webarchive, 19 December 2009</ref> When Begin's family opposed the decision, the committee's original proposal was readopted.<ref>Press release, Bank of Israel Template:Webarchive, 10 March 2011</ref>

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,<ref>Template:Cite news</ref> followed by the ₪200 note on 23 December 2015.<ref>Template:Cite news</ref> The final two denominations, ₪20 and ₪100, were issued on 23 November 2017, completing the "Series C" banknote series.<ref>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 Template:Webarchive Bank of Israel (www.bankisrael.gov.il). 16 November 2017</ref><ref>Press release, Bank of Israel: Information on the new series of banknotes Template:Webarchive 14 November 2012</ref><ref>Press release by the Bank of Israel: Images and descriptions on the new series of Israeli new shekel banknotes Template:Webarchive Bank of Israel (www.bankisrael.gov.il). 28 April 2013. Retrieved on 1 May 2013.</ref>

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.<ref>Template:Citation</ref> Previously, the Bank had formally used the Hebrew transcriptions of sheqel and sheqalim (from {{#invoke:Lang|lang}}).<ref name=boiboi>Template:Citation.</ref> The new notes also used the Arabic {{#invoke:Lang|lang}} (šaykal) rather than {{#invoke:Lang|lang}} (šayqal), which had been used on all banknotes previously.

The banknotes are printed by Orell Füssli Security Printing of Switzerland.<ref name="fussli1"/>

Third Series of the New Shekel
Image	Value	Dimensions	Colour		Description		Date of issue
Image	Value	Dimensions	Colour		Obverse	Reverse	Date of issue
File:20 New Sheqalim2017 Obverse & Reverse.png	Template:Nowrap	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
File:50 New Sheqalim2014 Obverse & Reverse.png	Template:Nowrap	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
File:100 New Sheqalim2017 Obverse & Reverse.png	Template:Nowrap	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
File:200 New Sheqalim2015 Obverse & Reverse.png	Template:Nowrap	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
Template:Standard banknote table notice

Exchange ratesEdit

File:Euro exchange rate to ILS.svg

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.