Old Israeli shekel
|Old Israeli shekel|
IS1000 banknote (obverse and reverse) issued in 1983
|new agora||new agorot|
|Banknotes||IS1, IS5, IS10, IS50, IS100, IS500, IS1000, IS5000, IS10,000|
|Coins||1, 5, 10 new agorot, IS½, IS1, IS5, IS10, IS50, IS100|
|Central bank||Bank of Israel|
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.
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 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. New coin and bill designs were selected through competitions among graphic designers. 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. 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.
Presently, the old Shekel is no longer in circulation, has been demonetized, and is not regarded as legal tender by the Bank of Israel.
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.
Subsequent issues added the denominations of IS 100, 500, 1000, 5000, and 10 000.
|IS1||135X76 mm||purple||Moses Montefiore with Mishkenot Sha'ananim in background||Jaffa Gate||24 February 1980||4 September 1986|
|IS5||141X76 mm||green||Chaim Weizmann, Weizmann Institute of Science in background||Damascus Gate|
|IS10||147X76 mm||blue||Theodor Herzl, entrance to Mount Herzl in background||Zion Gate|
|IS50||153X76 mm||Ivory-Brown||David Ben-Gurion at the library in Sde Boker||Golden Gate|
|IS100||159X76 mm||Orange-brown||Ze'ev Jabotinsky||Herod's Gate||11 December 1980|
|IS500||138X76 mm||red||Edmond James de Rothschild, and farmers||Bunch of grapes||1 December 1982|
|IS1000||green||Maimonides||Tiberias where Maimonides is buried; Ancient stone lamp||17 November 1983|
|IS5,000||blue||Levi Eshkol||Pipe carrying water, symbolizing the national carrier, fields and barren land in background||9 August 1984|
|IS10,000||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||27 November 1984|
- "Past Notes &Coin Series: Sheqel Series", Currency, Bank of Israel.
- "Past Notes &Coin Series: New Agora and Sheqel Series", Currency, Bank of Israel.
- "Past Notes &Coin Series: First Series of the New Sheqel", Currency, Bank of Israel.
- 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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