Israeli new sheqel

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Israeli new sheqel
שקל חדש (Hebrew)
شيقل جديد (Arabic)
1 sheqel coin
1 sheqel coin
ISO 4217 Code ILS
User(s) Flag of Israel Israel, Palestinian flag Palestinian territories
The West Bank, Gaza Strip
Inflation 0.4%
Source The World Factbook, 2007
Subunit
1/100 agora
Symbol ₪
Plural sheqalim (unofficially shkalim)
agora agorot
Coins 10 agorot, ½, 1, 2, 5, 10 new sheqalim
Banknotes 20, 50, 100, 200 new sheqalim
Central bank Bank of Israel
Website www.bankisrael.gov.il

The new sheqel - (Hebrew: שקל חדש, sheqel ḥadash, abbr. NIS; symbol: ₪; also spelled unofficially shekel; pl. sheqalim or unofficially shkalim - שקלים ,Arabic: شيقل جديد, shiqel jadid or شيكل جديد shikel jadid) is the currency of Israel. It replaced the sheqel on April 1, 1985 at a rate of 1,000 old sheqalim = 1 new sheqel. The ISO 4217 code is ILS. The new sheqel is divided into 100 agorot (אגורות) (sing. agora, Hebrew: אגורה).

In Hebrew the new sheqel is usually abbreviated ש"ח (pronounced shaḥ). The symbol for the new sheqel, ₪, is a combination of the first Hebrew letters of the words sheqel (ש) and ḥadash (ח). This symbol, however, proved unpopular, and the two-letter abbreviation is far more common in advertisements and on price tags.

Since January 1, 2003, the NIS has been a freely convertible currency. Since May 7, 2006 sheqel derivative trading has also been available on the Chicago Mercantile Exchange.[1] This makes the sheqel 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.

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.[2]

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.

Contents

[edit] Coins

In 1985, coins in denominations of 1, 5 and 10 agorot, ½ and 1 new sheqel were introduced.[3] In 1990, 5 new shqalim coins were introduced,[4] followed by 10 new shqalim in 1995.[5] Production of 1 agora pieces ceased the same year, and they were removed from circulation on April 1, 1991.[citation needed] A 2 new shqalim coin was introduced on December 9, 2007.[6] The 5 agorot coin, last minted in 2006, was removed from circulation on January 1, 2008.[7]

Circulation coins of the new sheqel are:

New sheqel coin series
Value Technical parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse issue withdrawal
1 agora 17 mm 2 g Aluminium bronze
92% copper
6% aluminium
2% nickel		 Smooth Ancient galley, the state emblem, "Israel" in Hebrew, Arabic and English Value, date September 4, 1985 April 1, 1991
5 agorot 19.5 mm 3 g Smooth Replica of a coin from the fourth year of the war of the Jews against Rome depicting a lulav between two etrogim, the state emblem, "Israel" in Hebrew, Arabic and English January 1, 2008
10 agorot 22 mm 4 g Smooth Replica of a coin issued by Mattathias Antigonus (37 - 40 B.C.E.) with the seven-branched candelabrum, the state emblem, "Israel" in Hebrew, Arabic and English Current
½ new sheqel 26 mm 6.5 g Smooth Lyre, the state emblem Value, date, "Israel" in Hebrew, Arabic and English Current
1 new sheqel 18 mm 4 g Cupronickel
75% copper
25% nickel[8]		 Smooth Lily, "Yehud" in ancient Hebrew, the state emblem Value, date, "Israel" in Hebrew, Arabic and English September 4, 1985 Current
2 new shqalim 21.6 mm 2.3 mm 5.7 g Nickel bonded steel Smooth with 4 regions of grooves Two cornucopia, the state emblem December 9, 2007 Current
5 new shqalim 24 mm 2.4 mm 8.2 g Cupronickel
75% copper
25% nickel		 12 sides Capital of column, the state emblem January 2, 1990 Current
10 new shqalim 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 state emblem, the words "for the redemption of Zion" in ancient and modern Hebrew alphabet Value, date, "Israel" in Hebrew, Arabic and English February 7, 1995 Current
For table standards, see the coin specification table.
005agurot v.jpg

5 agorot - obverse (cancelled)
005agurot h.jpg

5 agorot - reverse (cancelled)
010agurot v.jpg

10 agorot - obverse
010agurot h.jpg

10 agorot - reverse
050halfshekel v.jpg

½ new sheqel - obverse
050halfshekel h.jpg

½ new sheqel - reverse
500shekel v.jpg

5 new sheqalim - obverse
500shekel h.jpg

5 new sheqalim - reverse
1000shekel v.jpg

10 new sheqalim - obverse
1000shekel h.jpg

10 new sheqalim - reverse

2 new sheqalim

[edit] Banknotes

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

In 1986, 100 NIS notes were introduced, followed by 200 NIS notes in 1991. The 1, 5 and 10 NIS notes were later replaced by coins. 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 was no need for such a banknote, and it was never issued. However, in February 2008 the Bank of Israel announced that planning of an entirely new series of banknotes has started, and that the new series to be issued as from 2010, will most probably include a 500 NIS banknote as well. The design of the new banknotes has not yet been determined, but if the 20 NIS polymer banknote of the current series, introduced in April 2008, will be 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 ram's horn 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 2002, together with his seven fellow-astronauts), Naomi Shemer (known as "First Lady of Israeli Song"). Other possible designs include Landscapes of Israel, Flora and Fauna of Israel.

Notes currently in circulation are:

Second Series of the New Sheqel
Value Dimensions Colour Obverse Reverse
20 NIS 71x 138 mm Green Moshe Sharett Jewish volunteers in World War II; a watchtower, commemorating tower and stockade settlements
50 NIS Purple Shmuel Yosef Agnon Agnon's notebook, pen and glasses, Jerusalem and the Temple Mount
100 NIS Brown Yitzhak Ben-Zvi Peki'in Synagogue
200 NIS Red Zalman Shazar a street in Safed and text from Shazar's essay about Safed

The 20 NIS 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 Zurich, Switzerland.

Current ILS exchange rates
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[edit] See also

[edit] References

  1. ^ Chicago Mercantile Exchange Press Release (2006-04-06). CME to Launch Foreign Exchange Contract on Israeli Sheqel.
  2. ^ CLS Press Release (2008-05-26). CLS Bank live with Israeli Shekel and Mexican Peso.
  3. ^ About the Agora and New Sheqel Series. Banknotes and Coins Catalog. The Bank of Israel. Retrieved on 2007-12-26.
  4. ^ 5 NEW SHEQALIM. Banknotes and Coins Catalog. The Bank of Israel. Retrieved on 2007-12-26.
  5. ^ 10 NEW SHEQALIM. Banknotes and Coins Catalog. The Bank of Israel. Retrieved on 2007-12-26.
  6. ^ Press Release:The new NIS 2 coin. The Bank of Israel (2007-07-08). Retrieved on 2007-12-26.
  7. ^ Abolishment of the 5 agorot coin. (Hebrew). The Bank of Israel (2008-01-01). Retrieved on 2008-01-01.
  8. ^ Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995

[edit] External links

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