Israeli new shekel

Israeli new shekel
שקל חדש (Hebrew) شيقل جديد (Arabic)
1 shekel coin
ISO 4217 Code	ILS
User(s)	Israel
Inflation	0.5%
Source	The World Factbook, 2007
Subunit
1/100	agora
Symbol	₪
Plural	shekalim (pronounced shkalim)
agora	agorot
Coins	10 agorot, ½, 1, 2, 5, 10 new shekalim
Banknotes	20, 50, 100, 200 new shekalim
Central bank	Bank of Israel
Website	bankisrael.gov.il

The Israeli New shekel (Hebrew: שקל חדש‎, shekel Ḥadash) (sign: ₪; acronym: ש״ח and in English NIS; code: ILS) (also spelled sheqel; pl. shekalim pronounced shkalim - שקלים, Arabic: شيقل جديد, shiqel jadid or شيكل جديد shikel jadid) is the currency of Israel. The shekel is divided into 100 agorot (אגורות) (sing. agora, Hebrew: אגורה). Denominations made in this currency are marked with the shekel sign.

History

The new shekel replaced the old shekel on January 1, 1986 at a rate of 1,000 old shekalim = 1 new shekel.

Since January 1, 2003, the shekel has been a freely convertible currency. Since May 7, 2006 shekel derivative trading has also been available on the Chicago Mercantile Exchange.^[1] This makes the 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 hard currency, with access available to it in almost any place in the world. ^{[2] [3]}

On May 26, 2008, CLS Bank International (CLS Bank) has announced that it will settle payment instructions in Israeli New shekel, thus making this currency fully convertible.^[4]

The currency is not produced in Israel, as the country has no mint. Currently, the coins are minted at Korea Minting and Security Printing Corporation (KOMSCO), the banknote and coin producer of South Korea.

For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.

Coins

In 1985, coins in denominations of 1, 5 and 10 agorot, ½ and 1 new shekel were introduced.^[5] In 1990, 5 new shekalim coins were introduced,^[6] followed by 10 new shekalim in 1995.^[7] Production of 1 agora pieces ceased the same year, and they were removed from circulation on April 1, 1991.^{[citation needed]} A 2 new shekalim coin was introduced on December 9, 2007.^[8] The 5 agorot coin, last minted in 2006, was removed from circulation on January 1, 2008.^[9]

Circulation coins of the shekel are:

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

Banknotes

In September 1985, banknotes were introduced in denominations of 1, 5, 10, 20 and 50 new shekalim. The 1, 5 and 10 new shekel notes used the same basic designs as the earlier 1,000, 5,000 and 10,000 old shekel notes but with the denominations altered.

In 1986, 100 new shekel notes were introduced, followed by 200 new shekel notes in 1991. The 1, 5 and 10 new shekel notes were later replaced by coins. A plan to issue a 500 shekel 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. However, in February 2008 the Bank of Israel announced that the planning of an entirely new series of banknotes has started, and that the new series, to be issued in 2010, will most probably include a 500 shekel banknote as well.^{[citation needed]} The design of the new banknotes has not yet been determined, but if the 20 new shekel polymer banknote of the current series, introduced in April 2008, is successful, the new series will almost certainly consist of polymer notes only. Possible designs under review are: non-political famous personalities, such as Teddy Kollek (the legendary mayor of Jerusalem), Rabbi Shlomo Goren (IDF chief chaplain during the 1967 Six-Day War, famous for his shofar blowing on Jerusalem's Temple Mount minutes after its conquest by Israeli forces), Ilan Ramon (Israel's first astronaut who perished on the Columbia in 2003), Naomi Shemer (known as "First Lady of Israeli Song"). Other possible designs may include landscapes, flora and fauna of Israel.

Notes currently in circulation are:

The 20 shekel banknote is the first, as of April 2008, to be 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 Fuessli Security Printing of Zürich, Switzerland. 1.8 million of the new banknotes were printed with the writing "60 years [anniversary] of the State of Israel" (in Hebrew), in red ink.

Face of the two 20 shekel bills, left one is paper and the right one is made of polypropylene. Back of the two 20 shekel bills, left one is paper and the right one is made of polypropylene.

Gallery

20 shekel bill

50 shekel bill

100 shekel bill

200 shekel bill

Abbreviation

In Hebrew the new shekel is usually abbreviated ש"ח (pronounced shaḥ). The symbol for the new shekel, ₪, is a combination of the first Hebrew letters of the words shekel (ש) and ḥadash (ח). This symbol, however, proved unpopular, and the two-letter abbreviation is far more common in advertisements and on price tags. In Arabic, the currency is usually denoted by the abbreviation ش.ج which is the initials of šikel jadīd, the currency's name in Arabic.

See also

• Sheqel
• Economy of Israel
• Shekel sign

References

External links

• Bank of Israel catalogue of Israeli currency since 1948
• Exchange rates since 1948
• American Israel Numismatic Association
• Israel Government Coins and Medals Corporation
• Current Shekel Dollar Rate
• Shekel coins with pictures
• Shaar yatzig - Official Rate gadget

v • d • e Historical currencies of Israel      Year May–August 1948 1948–1960 1960–1980 1980–1985 1985–present Main unit Palestinian pound Israeli lira Shekel New shekel Subunit 1/1000 = mil 1/1000 = pruta 1/100 = agora 1/100 = new agora 1/100 = agora