Overview
The old Israeli shekel, then known as the shekel (, formally sheqel, . , Sheqalim; , šēkal, formerly , šēqal until 2014; code ), was the currency of Israel between 24 February 1980 and 31 December 1985. It was replaced by the Israeli new shekel at a ratio of 1,000:1 on 1 January 1986. The old shekel was short-lived due to its hyperinflation. The old shekel was subdivided into 100 new agorot (). The shekel sign was used, although it was more commonly denominated as S or IS. As of December 2024, this symbol does not exist in Unicode. The old Israeli shekel replaced the Israeli pound (IL), which had been used until 24 February 1980, at the rate of IS 1 shekel to IL10.
History
Development of a new currency to be known as the shekel (properly, sheqel) was approved by the Israeli Knesset on 4 June 1969. The governors of the Bank of Israel did not consider the time ripe until November 1977, when studies for its implementation began. Prime Minister Menachem Begin and Minister of Finance Simcha Erlich approved a proposal to redenominate the Israeli pound in May 1978; the proposal called for the currency to be exactly similar except for the removal of a zero from the inflated pound and agorot denominations. The shekel and new agora became legal tender on 22 February 1980 and went into circulation two days later. The official exchange rate at the time of introduction was US$1 = IS 3.89 = IL38.88.
Initial denominations were IS 1, IS 5, IS 10, and IS 50, but over the next five years inflation led to another five: IS 100, IS 500, IS 1,000, IS 5,000, and IS 10,000. Beginning with the IS 500 issue, the size of the notes was standardized (), and the denominations were differentiated by color and design. A transparent section was added to discourage counterfeiting, and elements for the blind were added. The old shekel is no longer in circulation, has been demonetized, and is not exchanged for current legal tender by the Bank of Israel.
Coins
The initial series of coins in 1980 were for the denominations of 1, 5, and 10 new agorot and . These preserved the appearance of similar coins under the pound but were worth 10 times as much. The initial runs were struck at foreign mints to preserve the secrecy of the coming currency conversion.
The coin was introduced in 1981; and IS 10 coins in 1982; and and IS 100 coins in 1984. the state emblem, "Israel" in Hebrew, Arabic and English rowspan="3" Value, date, two stars - IS 10 26 8 copper 75%, aluminium 25% Ancient galley on which Herod Archelaus sailed to Rome and was awarded much of the Judean kingdom and the title of ethnarch (as depicted on ancient Judean double-prutah issued during his reign); the state emblem, "Israel" in Hebrew, Arabic and English - IS 50 28 9 copper 92%, aluminium 6%, nickel 2% Replica of a coin, the state emblem, "Israel" in Hebrew, Arabic and English - IS 100 29 10.8 copper 75%, nickel 25% Replica of a coin issued by Antigonus II Mattathias with the seven-branched candelabrum, the state emblem, "Israel" in Hebrew, Arabic and English Value, date - colspan="9" * Note that all dates on Israeli coins are given in the Hebrew calendar and are written in Hebrew numerals.
Banknotes
The initial series of banknotes in 1980 were for the denominations of IS 5, IS 10, and IS 50 and preserved the appearance of the IL10, IL 50, IL 100, and IL 500 notes that they replaced. Subsequent issues added the denominations of IS 500, IS 1,000, IS 5,000, and .
See also
* Bank of Israel * Economy of Israel
External links
* Bank of Israel catalog of Israeli currency since 1948