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The Israeli New Sheqel (Hebrew: שקל חדש, sheqel ḥadash) (sign: ₪; code: ILS) (also spelled unofficially shekel; pl. sheqalim or unofficially shkalim - שקלים ,Arabic: شيقل جديد, shiqel jadid or شيكل جديد shikel jadid) is the currency of Israel. The new sheqel is divided into 100 agorot (אגורות) (sing. agora, Hebrew: אגורה). Denominations made in this currency are marked with the sheqel sign.
HistoryThe new sheqel replaced the sheqel on January 1, 1986 at a rate of 1,000 old sheqalim = 1 new sheqel. Since January 1, 2003, the ILS 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. It is also a hard currency, with access available to it in almost any place in the world. [2] [3] On May 26, 2008, CLS Bank International (CLS Bank) has announced that it will settle payment instructions in Israeli New Shekel, thus making this currency fully convertible.[4] The currency is not produced in Israel, as the country has no mint. Currently, the coins are minted at Korea Minting and Security Printing Corporation (KOMSCO), the banknote and coin producer of South Korea. CoinsIn 1985, coins in denominations of 1, 5 and 10 agorot, ½ and 1 new sheqel were introduced.[5] In 1990, 5 new shqalim coins were introduced,[6] followed by 10 new shqalim in 1995.[7] Production of 1 agora pieces ceased the same year, and they were removed from circulation on April 1, 1991.[citation needed] A 2 new shqalim coin was introduced on December 9, 2007.[8] The 5 agorot coin, last minted in 2006, was removed from circulation on January 1, 2008.[9] Circulation coins of the new sheqel are:
BanknotesIn September 1985, banknotes were introduced in denominations of 1, 5, 10, 20 and 50 ILS. The 1, 5 and 10 ILS notes used the same basic designs as the earlier 1,000, 5,000 and 10,000 shqalim notes but with the denominations altered. In 1986, 100 ILS notes were introduced, followed by 200 ILS notes in 1991. The 1, 5 and 10 ILS notes were later replaced by coins. A plan to issue a 500 ILS banknote, carrying the portrait of Yitzhak Rabin, was announced shortly after Rabin's assassination in 1995. However, due to low inflation rates, there was no need for such a banknote, and it was never issued. However, in February 2008 the Bank of Israel announced that planning of an entirely new series of banknotes has started, and that the new series to be issued as from 2010, will most probably include a 500 ILS banknote as well. The design of the new banknotes has not yet been determined, but if the 20 ILS polymer banknote of the current series, introduced in April 2008, will be successful, the new series will almost certainly consist of polymer notes only. Possible designs under review are: non-political famous personalities, such as Teddy Kollek (the legendary mayor of Jerusalem), Rabbi Shlomo Goren (IDF chief chaplain during the 1967 Six-Day War, famous for his shofar blowing on Jerusalem's Temple Mount minutes after its conquest by Israeli forces), Ilan Ramon (Israel's first astronaut who perished on the Columbia in 2003), Naomi Shemer (known as "First Lady of Israeli Song"). Other possible designs may include landscapes, flora and fauna of Israel. Notes currently in circulation are:
The 20 ILS banknote is the first, as of April 2008, to be made of polypropylene, a polymer substrate, which is superior to the current paper note with a circulation life of a few months only. The polymer note is printed by Orell Fuessli Security Printing of Zürich, Switzerland. 1.8 million of the new banknotes were printed with the writing "60 years to Israel" (in Hebrew), in red ink.
Gallery
AbbreviationIn Hebrew the new sheqel is usually abbreviated 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 advertisements and on price tags. In Arabic, the currency is usually denoted by the abbreviation ش.ج which is the initials of šikel jadīd, the currency's name in Arabic. Current ILS exchange rates
See alsoReferences
External links
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