Editing Israeli pound (section)

==History==
{{see also|Pound (currency)}}{{Unreferenced section|date=February 2025}}
The [[Mandate for Palestine|British Mandate of Palestine]] was created in 1918. In 1927 the Palestine Currency Board, established by the British authorities, and subject to the British [[Secretary of State for the Colonies]], issued the [[Palestine pound]] (£P) which was legal tender in Mandate Palestine and Transjordan. £P1 was fixed at exactly £1&nbsp;[[pound sterling|sterling]]. It was divided into 1,000 ''mils''.

The Mandate came to an end on 14 May 1948, but the Palestine pound continued in circulation until new currencies replaced it. In Israel, the Palestine pound continued in circulation until the Israeli pound was adopted in 1952. The Israeli pound was subdivided into 1,000 [[Israeli pruta|prutot]]. The Israeli pound retained the Palestine pound's sterling peg. In August 1948, new banknotes were issued by the London-based [[Anglo-Palestine Bank]], owned by the [[Jewish Agency]].

The new coins were the first to bear the new state's name, and the banknotes had "The Anglo-Palestine Bank Limited" written on them. While the first coins minted by Israel were still denominated in "mils", the next ones bore the [[Hebrew]] name ''[[prutah]]'' ({{langx|he|פרוטה}}). A second series of banknotes was issued after the Anglo-Palestine Bank moved its headquarters to [[Tel Aviv]] and became the [[Bank Leumi]] ({{langx|he|בנק לאומי}} "National Bank"). The peg to sterling was abolished on 1 January 1954, and in 1960, the subdivision of the pound was changed from 1,000 prutot to 100 ''[[Israeli agora|agorot]]'' (singular ''agora'', {{langx|he|אגורה ,אגורות}}).

Because ''lira'' ({{langx|he|לִירָה}}) was a loanword from [[Latin language|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]]'' ({{langx|he|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 IL&nbsp;10 = IS&nbsp;1. On 1 January 1986, the old shekel was replaced by the [[Israeli new shekel]] at a ratio of IS{{nbsp}}1,000{{nbsp}}:{{nbsp}}[[₪]]1.