Israeli new sheqel
| Israeli new sheqel שקל חדש (Hebrew) شيقل جديد (Arabic) |
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| ISO 4217 Code | ILS | ||
|---|---|---|---|
| User(s) |  Israel,  Palestinian territoriesThe West Bank, Gaza Strip |
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| Inflation | 0.5% | ||
| 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 | bankisrael.gov.il | ||
The Israeli New Sheqel (Hebrew: שקל חדש, sheqel ḥadash) (sign: ₪; code: ILS) (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. The new sheqel is divided into 100 agorot (אגורות) (sing. agora, Hebrew: אגורה). Denominations made in this currency are marked with the sheqel sign.
Contents |
History
The new sheqel replaced the sheqel on January 1, 1986 at a rate of 1,000 old sheqalim = 1 new sheqel.
Since January 1, 2003, the ILS 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. [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.
Coins
In 1985, coins in denominations of 1, 5 and 10 agorot, ½ and 1 new sheqel were introduced.[5] In 1990, 5 new shqalim coins were introduced,[6] followed by 10 new shqalim in 1995.[7] Production of 1 agora pieces ceased the same year, and they were removed from circulation on April 1, 1991. A 2 new shqalim 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 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[10] |
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. | |||||||||
- 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 ILS. The 1, 5 and 10 ILS 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 ILS notes were introduced, followed by 200 ILS notes in 1991. The 1, 5 and 10 ILS notes were later replaced by coins. A plan to issue a 500 ILS 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 ILS banknote as well. The design of the new banknotes has not yet been determined, but if the 20 ILS 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 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:
| Second Series of the New Sheqel | ||||
|---|---|---|---|---|
| Value | Dimensions | Colour | Obverse | Reverse |
| 20 ILS | 71x 138 mm | Green | Moshe Sharett | Jewish volunteers in World War II; a watchtower, commemorating tower and stockade settlements |
| 50 ILS | Purple | Shmuel Yosef Agnon | Agnon's notebook, pen and glasses, Jerusalem and the Temple Mount | |
| 100 ILS | Brown | Yitzhak Ben-Zvi | Peki'in Synagogue | |
| 200 ILS | Red | Zalman Shazar | a street in Safed and text from Shazar's essay about Safed | |
The 20 ILS 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 to Israel" (in Hebrew), in red ink.
Gallery
Abbreviation
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. 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.
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See also
- Economy of Israel
- Sheqel sign
References
- ↑ Chicago Mercantile Exchange Press Release (2006-04-06). "CME to Launch Foreign Exchange Contract on Israeli Sheqel".
- ↑ Israelis can soon travel the world with shekels in their pockets Haaretz
- ↑ Shekel begins trading on global markets Jerusalem Post
- ↑ CLS Press Release (2008-05-26). "CLS Bank live with Israeli Shekel and Mexican Peso".
- ↑ "About the Agora and New Sheqel Series". Banknotes and Coins Catalog. Bank of Israel. Retrieved on 2007-12-26.
- ↑ "5 NEW SHEQALIM". Banknotes and Coins Catalog. The Bank of Israel. Retrieved on 2007-12-26.
- ↑ "10 NEW SHEQALIM". Banknotes and Coins Catalog. The Bank of Israel. Retrieved on 2007-12-26.
- ↑ "Press Release:The new NIS 2 coin". The Bank of Israel (2007-07-08). Retrieved on 2007-12-26.
- ↑ "Abolishment of the 5 agorot coin." (in Hebrew). The Bank of Israel (2008-01-01). Retrieved on 2008-01-01.
- ↑ Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995
External links
- Exchange rates since 1948
- American Israel Numismatic Association
- Israel Government Coins and Medals Corporation
- Current Sheqel Dollar Rate
- SHEQEL - The Online Catalog of Israel Numismatics 1927 - present
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