The old Israeli shekel, then known as the shekel (Hebrew: שקל, formally sheqel, pl. שקלים, Sheqalim; Arabic: شيكل, šēkal, formerly Arabic: شيقل, šēqal until 2014; code ILR) was the currency of the State 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 (אגורות חדשות). The shekel sign was although it was more commonly denominated as S or IS.
Development of a new currency to be known as the shekel (properly, sheqel) was approved by the IsraeliKnesset 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 MinisterMenachem Begin and Minister of FinanceSimcha 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.[1]
The shekel and new agora became legal tender on 22 February 1980 and went into circulation two days later. The official exchange rate at time of introduction was US$1 = IS 3.89 = IL38.88.[2] 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.[1] New coin and bill designs were selected through competitions among graphic designers.[3] Beginning with the IS 500 issue, the size of the notes was standardized (76 mm × 138 mm or 3 in × 5 in) and the denominations differentiated by color and design. A transparent part was added to discourage counterfeiting and elements for the blind were added.[1]
Inflationary pressure did not ease. By the end of 1980, the shekel had already lost about half of its value (US$1 = IS 7.55). In 1981, the value of Israeli currency continued to fall, reaching IS 15.60 per U.S. dollar at the end of the year. At the end of 1982, the exchange rate was IS 33.65 = US$1 and was falling still. The following shows the official exchange rate of one U.S. dollar in specific periods of time at the end of the period:
June 1983: IS 47.52
December 1983: IS 107.77
March 1984: IS 153.26
June 1984: IS 236.40
September 1984: IS 401.34
December 1984: IS 638.71
March 1985: IS 858.50
June 1985: IS 1262.40
By August 1985, the exchange rate for one U.S. dollar reached IS 1500. The new Israeli shekelreplaced the shekel following its hyperinflation and the enactment of the economic stabilization plan of 1985 which brought inflation under control. It became the currency of Israel on 4 September 1985, removing three zeros from the old notes.[4]
The old shekel is no longer in circulation, has been demonetized, and is not exchangeable to 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 IS 1⁄2. These preserved the appearance of the similar coins under the pound but were worth 10 times as much. The initial runs were struck at foreign mints in order to preserve the secrecy of the coming currency conversion. IS 1 coins were introduced in 1981; IS 5 and IS 10 coins in 1982; and IS 50 and IS 100 coins in 1984.[3]
The 1 and 5 new agorot coins were aluminum; the 10 new agorot and IS 1⁄2, IS 1, and IS 100 coins cupronickel; the IS 5 and IS 50 coins an alloy of copper, aluminum, and nickel; and the IS 10 cupro-aluminum.[3]
The initial series of banknotes in 1980 were for the denominations of IS 1, IS 5, IS 10, and IS 50 and preserved the appearance of the IL10, IL50, IL100 and IL500 notes which they replaced.[1]
Subsequent issues added the denominations of IS 100, IS 500, IS 1,000, IS 5,000, and IS 10,000.[1]
israeli, shekel, israeli, shekel, then, known, shekel, hebrew, שקל, formally, sheqel, שקלים, sheqalim, arabic, شيكل, šēkal, formerly, arabic, شيقل, šēqal, until, 2014, code, currency, state, israel, between, february, 1980, december, 1985, replaced, israeli, s. The old Israeli shekel then known as the shekel Hebrew שקל formally sheqel pl שקלים Sheqalim Arabic شيكل sekal formerly Arabic شيقل seqal until 2014 code ILR was the currency of the State 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 אגורות חדשות The shekel sign was although it was more commonly denominated as S or IS Old Israeli shekelשקל Hebrew شيكل or شيقل Arabic ISIS 1000 banknote obverse and reverse issued in 1983ISO 4217CodeILRUnitUnitshekelPluralshqalimSymbol DenominationsSubunit 1 100new agoraPlural new agoranew agorotBanknotesIS 1 IS 5 IS 10 IS 50 IS 100 IS 500 IS 1000 IS 5000 IS 10 000Coins1 5 10 new agorot IS1 2 IS 1 IS 5 IS 10 IS 50 IS 100DemographicsUser s Israel 1980 1985 IssuanceCentral bankBank of Israel Websitewww wbr boi wbr org wbr ilValuationInflation1000 1984 This infobox shows the latest status before this currency was rendered obsolete The Israeli old shekel replaced the Israeli pound IL which had been used until 24 February 1980 at the rate of IS 1 shekel to IL10 Contents 1 History 2 Coins 3 Banknotes 4 See also 5 References 5 1 Citations 5 2 Bibliography 6 External linksHistory EditDevelopment 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 1 The shekel and new agora became legal tender on 22 February 1980 and went into circulation two days later The official exchange rate at time of introduction was US 1 IS 3 89 IL38 88 2 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 1 New coin and bill designs were selected through competitions among graphic designers 3 Beginning with the IS 500 issue the size of the notes was standardized 76 mm 138 mm or 3 in 5 in and the denominations differentiated by color and design A transparent part was added to discourage counterfeiting and elements for the blind were added 1 Inflationary pressure did not ease By the end of 1980 the shekel had already lost about half of its value US 1 IS 7 55 In 1981 the value of Israeli currency continued to fall reaching IS 15 60 per U S dollar at the end of the year At the end of 1982 the exchange rate was IS 33 65 US 1 and was falling still The following shows the official exchange rate of one U S dollar in specific periods of time at the end of the period June 1983 IS 47 52 December 1983 IS 107 77 March 1984 IS 153 26 June 1984 IS 236 40 September 1984 IS 401 34 December 1984 IS 638 71 March 1985 IS 858 50 June 1985 IS 1262 40By August 1985 the exchange rate for one U S dollar reached IS 1500 The new Israeli shekel replaced the shekel following its hyperinflation and the enactment of the economic stabilization plan of 1985 which brought inflation under control It became the currency of Israel on 4 September 1985 removing three zeros from the old notes 4 The old shekel is no longer in circulation has been demonetized and is not exchangeable to current legal tender by the Bank of Israel Coins EditThe initial series of coins in 1980 were for the denominations of 1 5 and 10 new agorot and IS 1 2 These preserved the appearance of the similar coins under the pound but were worth 10 times as much The initial runs were struck at foreign mints in order to preserve the secrecy of the coming currency conversion IS 1 coins were introduced in 1981 IS 5 and IS 10 coins in 1982 and IS 50 and IS 100 coins in 1984 3 The 1 and 5 new agorot coins were aluminum the 10 new agorot and IS 1 2 IS 1 and IS 100 coins cupronickel the IS 5 and IS 50 coins an alloy of copper aluminum and nickel and the IS 10 cupro aluminum 3 Old shekel coins Image Value Technical parameters Description Date ofDiameter mm Mass g Composition Obverse Reverse issue withdrawal 1 new agora 15 0 6 aluminium 97 magnesium 3 Palm tree Israel in Hebrew and Arabic Value date February 24 1980 April 9 1986 5 new agorot 18 5 0 9 The state emblem Israel in Hebrew Arabic and English 10 new agorot 16 2 1 copper 92 nickel 8 Three pomegranates the state emblem Israel in Hebrew Arabic and English IS1 2 20 3 copper 75 nickel 25 Lion the state emblem Israel in Hebrew Arabic and English Value date two stars IS 1 23 5 Cup Shekel in Hebrew Value date the state emblem Israel in Hebrew Arabic and English January 22 1981 IS 5 24 6 copper 92 aluminium 6 nickel 2 Two cornucopia the state emblem Israel in Hebrew Arabic and English Value date two stars October 9 1981 IS 10 26 8 copper 75 aluminium 25 Ancient galley the state emblem Israel in Hebrew Arabic and English February 25 1982 IS 50 28 9 copper 92 aluminium 6 nickel 2 Replica of a coin the state emblem Israel in Hebrew Arabic and English August 3 1984 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 February 5 1984These images are to scale at 2 5 pixels per millimetre 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 EditThe initial series of banknotes in 1980 were for the denominations of IS 1 IS 5 IS 10 and IS 50 and preserved the appearance of the IL10 IL50 IL100 and IL500 notes which they replaced 1 Subsequent issues added the denominations of IS 100 IS 500 IS 1 000 IS 5 000 and IS 10 000 1 Value Size Color Obverse Reverse Image Issued WithdrawnIS 1 135 76 mm purple Moses Montefiore with Mishkenot Sha ananim in background Jaffa Gate 24 February 1980 September 4 1986IS 5 141 76 mm green Chaim Weizmann Weizmann Institute of Science in background Damascus Gate IS 10 147 76 mm blue Theodor Herzl entrance to Mount Herzl in background Zion Gate IS 50 153 76 mm Ivory Brown David Ben Gurion at the library in Sde Boker Golden Gate IS 100 159 76 mm Orange brown Ze ev Jabotinsky Herod s Gate December 11 1980IS 500 138 76 mm red Edmond James de Rothschild and farmers Bunch of grapes December 1 1982IS 1000 green Maimonides Tiberias where Maimonides is buried Ancient stone lamp November 17 1983IS 5 000 blue Levi Eshkol Pipe carrying water symbolizing the national carrier fields and barren land in background August 9 1984IS 10 000 orange Golda Meir Picture of Golda Meir in the crowd in front of the Moscow Choral Synagogue as she arrived in Moscow as Israel s ambassador in 1948 November 27 1984These images are to scale at 0 7 pixel per millimetre For table standards see the banknote specification table See also EditBank of Israel Economy of IsraelReferences EditCitations Edit a b c d e Past Notes amp Coin Series Sheqel Series Currency Bank of Israel Bank of Israel Foreign Currency Market Periodic Daily Exchange rates www boi org il Retrieved 2022 01 10 a b c Past Notes amp Coin Series New Agora and Sheqel Series Currency Bank of Israel Past Notes amp Coin Series First Series of the New Sheqel Currency Bank of Israel Bibliography Edit Krause Chester L Clifford Mishler 1991 Standard Catalog of World Coins 1801 1991 18th ed Krause Publications ISBN 0873411501 Pick Albert 1994 Standard Catalog of World Paper Money General Issues Colin R Bruce II and Neil Shafer editors 7th ed Krause Publications ISBN 0 87341 207 9 External links Edit Wikimedia Commons has media related to Old Israeli shekel Bank of Israel catalog of Israeli currency since 1948 Portals Asia Israel Money Numismatics Retrieved from https en wikipedia org w index php title Old Israeli shekel amp oldid 1123325520, wikipedia, wiki, book, books, library,
