ISRAELI NEW SHEQEL

(Redirected from New Israeli Shekel)

The 'new sheqel' - (, abbr. ''NIS''; symbol: ₪; also spelled ''shekel''; pl. ''shqalim'' or ''shkalim'' - 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'' (אגורות) (sing. ''agora'', Hebrew: 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 ''ḥadash'' (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.
The currency is not produced in Israel, as the country has no mint. Instead banknotes are imported by air and coins by sea.^[2]
__TOC__

Contents

Coins

Banknotes

See also

References

External links

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 in the final quarter of 2007.^[3]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			Current1
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[4]	Smooth	Lily, "Yehud" in ancient Hebrew, the state emblem	Value, date, "Israel" in Hebrew, Arabic and English	September 4, 1985	Current
2 new sheqalim	21.6 mm	2.3 mm	5.7 g	Nickel bonded steel		Two cornucopia, the state emblem		Late 2007	Future
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

★ Note that all dates on Israeli coins are given in the Hebrew calendar and are written in Hebrew numerals.

★ ¹The Bank of Israel has asked that the 5 agorot be abolished, pending approval of the Israeli government^[5]

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	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

See also

★ Economy of Israel

★ Economy of the Palestinian territories

★ Sheqel sign

References

1. CME to Launch Foreign Exchange Contract on Israeli Shekel Chicago Mercantile Exchange Press Release
2. Two-shekel coin to arrive in fourth quarter 2007 Haaretz, 5 July 2007
3. Soon: Coin of 2 shekels Yedioth Ahronoth, 8 August 2006 (in Hebrew)
4. Note that nickel-clad steel 1 new sheqalim coins were issued in 1994 and 1995
5. The Bank of Israel asks the government to approve abolishing the 5 agorot coin as legal tender

External links

★ Bank of Israel catalogue of Israeli currency since 1948

★ Exchange rates since 1948

★ American Israel Numismatic Association

★ Israel Government Coins and Medals Corporation