Israeli new sheqel
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| Israeli new sheqel שקל חדש (Hebrew) |
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| ISO 4217 Code | ILS | ||
|---|---|---|---|
| User(s) | Israel, Palestinian Authority | ||
| Inflation | 1.9% | ||
| Source | The World Factbook, 2006 est. | ||
| Subunit | |||
| 1/100 | agora | ||
| Symbol | ₪ | ||
| Plural | sheqalim or shekalim | ||
| agora | agorot | ||
| Coins | 5, 10, 50 agorot, 1, 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: sheqel khadash, שקל חדש, abbr. NIS; symbol: ₪; also spelled shekel; pl. sheqalim or shekalim - שקלים) is the currency of Israel. It replaced the sheqel in 1985 at a rate of 1000 sheqels = 1 new sheqel. The ISO 4217 code is ILS. The new sheqel is divided into 100 agorot (sing. agora, Hebrew: אגורות ,אגורה)
In Hebrew the new sheqel is usually abbreviated to ש"ח (pronounced shaḥ). The symbol for the new sheqel, ₪, is a combination of the first Hebrew letters of the words sheqel (ש) and khadash (ח). This symbol, however, proved unpopular, and the two-letter abbreviation is far more common in ads, price tags etc.
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.
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[edit] Coins
In 1985, coins in denominations of 1, 5 and 10 agorot, ½ and 1 new sheqel were introduced. In 1990, 5 new sheqalim coins were introduced, followed by 10 new sheqalim in 1995. Production of 1 agora pieces ceased in 1991. In August 2006, a 2 new sheqalim coin was announced, to be introduced at an unspecified time in the near future.[2]
Circulation coins of the new sheqel are:
| New shekel 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 | 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 | Current | ||||
| 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[3] |
Smooth | Lily, "Yehud" in ancient Hebrew, the state emblem | Value, date, "Israel" in Hebrew, Arabic and English | September 4, 1985 | Current | |
| 2 new sheqalim | Two cornucopia, the state emblem | August, 2006 | Current | ||||||
| 5 new sheqalim | 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 sheqalim | 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 | 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 calender and are written in Hebrew numbers.
[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 1000, 5000 and 10,000 sheqalim 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 is currently no need for such a banknote, and it is not expected to be issued in the foreseeable future.
Notes currently in circulation are:
| Second Series of the New Sheqel | |||
|---|---|---|---|
| Value | Dimensions | Obverse | Reverse |
| 20 NIS | 71x 138 mm | Moshe Sharett | Jewish volunteers in World War II; a watchtower, commemorating tower and stockade settlements |
| 50 NIS | Shmuel Yosef Agnon | Agnon's notebook, pen and glasses, Jerusalem and the Temple Mount | |
| 100 NIS | Yitzhak Ben-Zvi | a synagogue in Peki'in | |
| 200 NIS | Zalman Shazar | a street in Safed and text from Shazar's essay about Safed | |
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[edit] References
- ^ Chicago Mercantile Exchange Press Release (2006-04-06). CME to Launch Foreign Exchange Contract on Israeli Shekel.
- ^ World coin news (2006-08-22). Update - Israel.. Retrieved on October 20, 2006.
- ^ Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995
[edit] External links
- Bank of Israel catalogue of Israeli currency since 1948
- Exchange rates since 1948
- Banknotes of Israel
- American Israel Numismatic Association
- Israel Government Coins and Medals Corporation
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