Israeli new sheqel
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| Unit (₪) | Design on Obverse | Design on Reverse |
|---|---|---|
| Israeli Banknotes | ||
| 20 | Moshe Sharett, prime-minister (1953-55) | Jewish volunteers in the World War II; a watchtower, commemorating Tower and stockade settlements |
| 50 | Shmuel Yosef Agnon, a Nobel-Prize winning writer | Agnon's notebook, pen and glasses |
| 100 | Yitzhak Ben-Zvi, president (1952-1963) | a synagogue in Peqi'in |
| 200 | Zalman Shazar, president (1963-1973) | a street in Safed and text from Shazar's essay about Safed |
Image:1 New Israeli Sheqel (1994-1995).jpg
The Israeli new sheqel or New Israeli sheqel (abbr. NIS; symbol: ₪; also spelled shekel; pl. sheqalim or shekalim) is the currency of Israel. The ISO 4217 code for the NIS is ILS. The NIS is divided into 100 agorot (sing. agora).
In Hebrew, the NIS is called "שקל חדש" (Sheqel Chadash), and is usually abbreviated ש"ח (pronounced shach). The symbol for the NIS is ₪, a combination of the first Hebrew letters of the words sheqel (ש) and chadash (ח).
The NIS, issued by the Bank of Israel, was introduced on September 4, 1985. It replaced the "old" sheqel, at a rate of 1 new sheqel = 1000 old sheqel. The old Sheqel replaced the Israeli pound (Lira) on February 24, 1980, at a rate of 1 sheqel = 10 pounds.
Banknotes exist of 20, 50, 100, and 200 NIS. Originally there were also banknotes of 1, 5, and 10 NIS. These were replaced by coins in subsequent years. A plan to issue a 500 NIS banknote, carrying the portrait of Yitzhak Rabin, was announced shortly after Rabin's assassination in 1995. However, due to low inflation rates, there is currently no need for such a banknote, and it is not expected to be issued in the foreseeable future.
Coins exist of 5, 10, and 50 agorot, and 1, 5, and 10 NIS. A 1 agora coin was issued in 1985, but was abolished in 1991. In late 2004, the Bank of Israel announced a plan to issue a 2 NIS coin. As of 2005, such a coin is not yet in circulation.
On August 18, 2005, the NIS exchange rate stood at 5.45907 NIS per one euro and at 4.48142 NIS per one US Dollar. Since January 1, 2003, the NIS has been a freely convertible currency.
Origin of the name
The name "sheqel" derives from the name of an ancient unit of weight used in and around Mesopotamia, including Ancient Israel. It corresponds to a little bit less than half an ounce (American) or between 11 and 12 grams. Amounts of gold or silver were expressed in shekels, and served as currency. This is related to the Hebrew word for weight, which is Mishqal. The word "sheqel" appears in the Torah several times in regards to monetary transactions, like the patriarch Avraham purchasing a plot to bury his wife for 400 sheqel or the half sheqel tax collected for the sanctuary.
External links
- Bank of Israel catalogue of Israeli currency since 1948
- Exchange rates since 1948
- Banknotes of Israel
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