Old Israeli shekel

Old Israeli shekel
שקל (Hebrew)
شيقل (Arabic)
IS1000 banknote (observe and reverse) issued in 1983
ISO 4217
Code ILR
Denominations
Subunit
 1/100 new agora
Plural shqalim
 new agora new agorot
Symbol or IS
Banknotes IS1, IS5, IS10, IS50, IS100, IS500, IS1000, IS5000, IS10,000
Coins 1, 5, 10 new agorot, IS½, IS1, IS5, IS10, IS50, IS100
Demographics
User(s)  Israel (1980-1985)
Issuance
Central bank Bank of Israel
 Website www.boi.org.il
Valuation
Inflation 1000% (1984)
This infobox shows the latest status before this currency was rendered obsolete.

The old Israeli shekel, then known as the shekel (Hebrew: שקל‎, formally sheqel, pl. שקלים, Sheqalim; Arabic: شيقل‎, šīqal) 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 1000:1 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.

The Israeli old shekel replaced the Israeli pound, which had been used until 24 February 1980.

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.[1]

The Shekel and New Agora were declared legal tender on 22 February 1980 and went into circulation two days later. Initial denominations were IS 1, 5, 10, and 50, but over the next five years inflation led to another five: IS 100, 500, 1000, 5000, and 10 000.[1] New coin and bill designs were selected through competitions among graphic designers.[2] 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] 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.[3]

Presently, the old Shekel is no longer in circulation, has been demonetized, and is not regarded as 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 ½. These preserved the appearance of the similar coins under the pound but were worth 10 times as much. The initial run 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 10 coins in 1982; and IS 50 and 100 coins in 1984.[2]

The 1 and 5 New Agorot coins were aluminum; the 10 New Agorot and IS ½, 1, and 100 coins cupronickel; the IS 5 and 50 coins an alloy of copper, aluminum, and nickel; and the IS 10 cupro-aluminum.[2]

Banknotes

The initial series of banknotes in 1980 were for the denominations of IS 1, 5, 10, and 50 and preserved the appearance of the 10, 50, 100 and 500-pound notes which they replaced.[1]

Subsequent issues added the denominations of IS 100, 500, 1000, 5000, and 10 000.[1]

ValueSizeColorObserveReverseImageIssuedWithdrawn
IS1135X76 mmpurpleMoses Montefiore with Mishkenot Sha'ananim in backgroundJaffa Gate24 February 19804 September 1986
IS5141X76 mmgreenChaim Weizmann, Weizmann Institute of Science in backgroundDamascus Gate
IS10147X76 mmblueTheodor Herzl, entrance to Mount Herzl in backgroundZion Gate
IS50153X76 mmIvory-BrownDavid Ben-Gurion at the library in Sde BokerGolden Gate
IS100159X76 mmOrange-brownZe'ev JabotinskyHerod's Gate11 December 1980
IS500138X76 mmredEdmond James de Rothschild, and farmersBunch of grapes1 December 1982
IS1000greenMaimonidesTiberias where Maimonides is buried; Ancient stone lamp17 November 1983
IS5,000blueLevi EshkolPipe carrying water, symbolizing the national carrier, fields and barren land in background9 August 1984
IS10,000orangeGolda MeirPicture of Golda Meir in the crowd, in front of the Moscow Choral Synagogue, as she arrived in Moscow as Israel's ambassador in 194827 November 1984

See also

References

Citations

  1. 1 2 3 4 5 "Past Notes &Coin Series: Sheqel Series", Currency, Bank of Israel .
  2. 1 2 3 "Past Notes &Coin Series: New Agora and Sheqel Series", Currency, Bank of Israel .
  3. ↑ "Past Notes &Coin Series: First Series of the New Sheqel", Currency, Bank of Israel .

Bibliography

  • 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.
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