View source for Old Israeli shekel

{{Short description|Currency of Israel between 1980 and 1985}}
{{Infobox currency
| name = (Old) Israeli shekel
| local_name = שקל
| local_name_lang = he
| local_name2 = شيكل or شيقل
| local_name_lang2 = ar
| name_abbr = IS
| image_1 = Israel 1000 Sheqalim 1983 Obverse & Reverse.jpg
| image_title_1 = IS&nbsp;1000 banknote (obverse and reverse) issued in 1983
| iso_code = ILR
| issuing_authority = [[Bank of Israel]]
| issuing_authority_website = {{URL|www.boi.org.il}}
| date_of_introduction = 24 February 1980
| using_countries = {{ISR}} (1980–1985)
| inflation_title = 
| inflation_rate = 1000% (1984)
| inflation_source_date = 
| inflation_method = 
| unit = shekel
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = [[Israeli agora|new agora]]
| symbol = [[File:Old Sheqel sign.svg|28px]]
| plural = shqalim
| plural_subunit_1 = [[Israeli agora|new agorot]]
| used_coins = 1, 5, 10 new agorot, {{nowrap|IS{{1/2}},}} IS&nbsp;1, IS&nbsp;5, IS&nbsp;10, IS&nbsp;50, IS&nbsp;100
| used_banknotes = IS&nbsp;1, IS&nbsp;5, IS&nbsp;10, IS&nbsp;50, IS&nbsp;100, IS&nbsp;500, IS&nbsp;1000, IS&nbsp;5000, IS&nbsp;10,000
| replaced_currency = [[Israeli pound]]
| date_of_withdrawal = 31 December 1985
| replaced_by_currency = [[Israeli new shekel]]
| obsolete = yes
| footnotes = 
}}

The '''old Israeli shekel''', then known as the '''shekel''' ({{langx|he|שקל}}, formally ''sheqel'', {{abbr|pl|plural}}. {{lang|he|שקלים}}, ''Sheqalim''; {{langx|ar|شيكل}}, ''šēkal,'' formerly {{langx|ar|شيقل}}'', šēqal'' until 2014; code {{ISO 4217|ILR}}), was the [[currency]] of [[Israel]] between 24 February 1980 and 31 December 1985. It was [[redenomination|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 ({{lang|he|אגורות חדשות}}). The [[shekel sign]] was although it was more commonly denominated as '''S''' or '''IS'''. As of December 2024 this symbol does not exist in Unicode.

The Israeli old shekel replaced the [[Israeli pound]] (IL), which had been used until 24 February 1980, at the rate of IS&nbsp;1 shekel to IL10.

==History==
Development of a new currency to be known as the shekel (properly, ''sheqel'') was approved by the [[Israel]]i [[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 of Israel|Prime Minister]] [[Menachem Begin]] and [[Ministry of Finance (Israel)|Minister of Finance]] [[Simcha Erlich]] approved a proposal to [[Redenomination|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.<ref name=yeahboi>{{citation |contribution=Past Notes &Coin Series: Sheqel Series |contribution-url=http://www.bankisrael.gov.il/en/Currency/PastNotesAndCoinsSeries/Pages/Default.aspx#Top |title=Currency |url=http://www.boi.org.il/en/Currency/Pages/Default.aspx |publisher=Bank of Israel }}.</ref>

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&nbsp;3.89 = IL38.88.<ref name="histrates">{{Cite web|title=Bank of Israel - Foreign Currency Market - Periodic Daily Exchange rates|url=https://www.boi.org.il/en/Markets/ForeignCurrencyMarket/Pages/PeriodicExchangeRates.aspx|access-date=2022-01-10|website=www.boi.org.il}}</ref> Initial denominations were IS&nbsp;1, IS&nbsp;5, IS&nbsp;10, and IS&nbsp;50, but over the next five years inflation led to another five: IS&nbsp;100, IS&nbsp;500, IS&nbsp;1,000, IS&nbsp;5,000, and IS&nbsp;10,000.<ref name=yeahboi/> New coin and bill designs were selected through competitions among graphic designers.<ref name=aggie>{{citation |contribution=Past Notes &Coin Series: New Agora and Sheqel Series |contribution-url=http://www.bankisrael.gov.il/en/Currency/PastNotesAndCoinsSeries/Pages/Default.aspx#Top |title=Currency |url=http://www.boi.org.il/en/Currency/Pages/Default.aspx |publisher=Bank of Israel }}.</ref> Beginning with the IS&nbsp;500 issue, the size of the notes was standardized ({{convert|76|x|138|mm|disp=or|sp=us|abbr=on|0}}) and the denominations differentiated by color and design. A transparent part was added to discourage [[counterfeiting]] and elements for the blind were added.<ref name=yeahboi/>

Inflationary pressure did not ease. By the end of 1980, the shekel had already lost about half of its value (US$1 = IS&nbsp;7.55). In 1981, the value of Israeli currency continued to fall, reaching IS&nbsp;15.60 per U.S. dollar at the end of the year. At the end of 1982, the exchange rate was IS&nbsp;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&nbsp;47.52
*December 1983: IS&nbsp;107.77
*March 1984: IS&nbsp;153.26
*June 1984: IS&nbsp;236.40
*September 1984: IS&nbsp;401.34
*December 1984: IS&nbsp;638.71
*March 1985: IS&nbsp;858.50
*June 1985: IS&nbsp;1262.40
By August 1985, the exchange rate for one U.S. dollar reached IS&nbsp;1500. The [[new Israeli shekel]] [[redenomination|replaced]] the shekel following its [[hyperinflation]] and the enactment of the [[1985 Israel Economic Stabilization Plan|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.<ref>{{citation |contribution=Past Notes &Coin Series: First Series of the New Sheqel |contribution-url=http://www.bankisrael.gov.il/en/Currency/PastNotesAndCoinsSeries/Pages/Default.aspx#Top |title=Currency |url=http://www.boi.org.il/en/Currency/Pages/Default.aspx |publisher=Bank of Israel }}.</ref>

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 {{nowrap|IS&nbsp;{{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. {{nowrap|IS 1}} coins were introduced in 1981; {{nowrap|IS 5}} and IS&nbsp;10 coins in 1982; and {{sc|IS 50}} and IS&nbsp;100 coins in 1984.<ref name=aggie/>

The 1 and 5 new agorot coins were [[aluminum]]; the 10 new agorot and {{nowrap|IS&nbsp;{{1/2}}}}, IS&nbsp;1, and IS&nbsp;100 coins [[cupronickel]]; the {{nowrap|IS&nbsp;5}} and IS&nbsp;50 coins an alloy of copper, aluminum, and nickel; and the {{nowrap|IS 10}} cupro-aluminum.<ref name=aggie/>
{|class="wikitable" style="font-size: 90%"
|+Old shekel coins  
|-
!rowspan=2| Image !! rowspan=2| Value !! colspan="3" | Technical parameters
! colspan="2" |Description!! colspan="2" | Date of
|-
! Diameter (mm) !! Mass (g) !! Composition !! Obverse !! Reverse !! issue !! withdrawal
|- 
|[[File:1-New-Agora-aluminium-hatasham-RJP.jpg|center|x38px]]
|{{nowrap|1 new agora}}
| 15
| 0.6
| rowspan="2" |[[aluminium]] 97%, magnesium 3%
| Palm tree, "Israel" in [[Hebrew language|Hebrew]] and [[Arabic language|Arabic]]
|rowspan=3| Value, date
| rowspan="4" | {{dts|1980|2|24}}<br />
| rowspan="9" | {{dts|1986|4|9}}
|- 
|[[File:Israel 5 New Agorot 1980 Obverse & Reverse.gif|center|x45px]]
| 5 new agorot
| 18.5
| 0.9
|The [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
|- 
|[[File:Israel 10 New Agorot 1980 Obverse & Reverse.gif|center|x40px]]
|{{nowrap|10 new agorot}}
| 16
| 2.1
|[[copper]] 92%, [[nickel]] 8%
|Three pomegranates, the [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
|- 
|[[File:0.5-Shekel-hatasham-RJP.jpg|center|x50px]]
|{{nowrap|IS{{1/2}}}}
| 20
| 3
| rowspan="2" |[[copper]] 75%, [[nickel]] 25%
| Lion, the [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
| Value, date, two stars
|- 
|[[File:1 old Shekel coin.jpg|center|x58px]]
|{{nowrap|IS&nbsp;1}}
| 23
| 5
| Cup, "Shekel" in Hebrew
|Value, date, the state emblem, "Israel" in [[Hebrew language|Hebrew]], Arabic and [[English language|English]]
|{{dts|1981|1|22}}<br />
|- 
|[[File:Israel 5 Sheqels 1980 Obverse & Reverse.gif|center|x60px]]
|IS&nbsp;5
| 24
| 6
|[[copper]] 92%, [[aluminium]] 6%, [[nickel]] 2%
| Double [[cornucopia]] with pendant ribbon (based on image on ancient Judean double-[[prutah]] coins issued during the leadership of the High Priest [[John Hyrcanus]]);<ref>{{cite web | url=https://en.numista.com/catalogue/pieces88584.html | title=Double Prutah - John Hyrcranus I, Judea }}</ref> the [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
| rowspan="3" |Value, date, two stars
| {{dts|1981|10|9}}<br />
|- 
|[[File:Israel 10 Sheqels 1982 Obverse & Reverse.gif|center|x65px]]
|IS&nbsp;10
| 26
| 8
|[[copper]] 75%, [[aluminium]] 25%
|Ancient [[galley]] on which [[Herod Archelaus]] sailed to Rome and was awarded much of the Judean kingdom and the title of ethnarch<ref>{{Cite web | title=Herod Archeleus | url=https://www.forumancientcoins.com/catalog/roman-and-greek-coins.asp?param=11342q00.jpg&vpar=927&zpg=116786 | archive-url=https://web.archive.org/web/20240526003613/https://www.forumancientcoins.com/catalog/roman-and-greek-coins.asp?param=11342q00.jpg&vpar=927&zpg=116786 | access-date=2025-04-27 | archive-date=2024-05-26}}</ref> (as depicted on ancient Judean double-prutah issued during his reign);<ref>{{cite web | url=https://www.jewishvirtuallibrary.org/coins-from-the-herodian-dynasty | title=Coins from the Herodian Dynasty }}</ref><ref>{{cite web | url=https://en.numista.com/catalogue/pieces95136.html | title=2 Prutot - Herod Archelaus, Judea }}</ref> the [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
|{{dts|1982|2|25}}
|- 
|[[File:Israel 50 Sheqels 1984 Obverse & Reverse.gif|center|x70px]]
|IS&nbsp;50
| 28
| 9
|[[copper]] 92%, [[aluminium]] 6%, [[nickel]] 2%
|Replica of a coin, the [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
|{{dts|1984|8|3}}
|-
|[[File:Israel 100 Sheqels 1984 Obverse & Reverse.gif|center|x73px]]
|IS&nbsp;100
|29
|10.8
|[[copper]] 75%, [[nickel]] 25%
|Replica of a coin issued by [[Antigonus II Mattathias]] with the [[Menorah (Temple)|seven-branched candelabrum]], the [[Emblem of Israel|state emblem]], "Israel" in [[Hebrew language|Hebrew]], [[Arabic language|Arabic]] and [[English language|English]]
|Value, date
|{{dts|1984|2|5}}<br />
|-
| colspan="9" |{{Standard coin table notice|standard_scale=Y|BrE=Y}}
|}
* Note that all dates on Israeli coins are given in the [[Hebrew calendar]] and are written in [[Hebrew numerals]].

==Banknotes==
The initial series of banknotes in 1980 were for the denominations of {{nowrap|IS&nbsp;1,}} IS&nbsp;5, IS&nbsp;10, and IS&nbsp;50 and preserved the appearance of the [[Israeli pound|IL]]10, IL50, IL100 and IL500 notes which they replaced.<ref name=yeahboi/>

Subsequent issues added the denominations of {{nowrap|IS&nbsp;100,}} IS&nbsp;500, IS&nbsp;1,000, IS&nbsp;5,000, and {{nowrap|IS&nbsp;10,000}}.<ref name=yeahboi/>

{|class="wikitable" style="font-size: 90%"
! Value !! Size !! Color !! Obverse !! Reverse !! Image !! Issued !! Withdrawn
|-
| IS&nbsp;1 || 135×76&nbsp;mm || purple || [[Moses Montefiore]] with [[Mishkenot Sha'ananim]] in background || [[Jaffa Gate]] || [[File:Israel 1 Shekel 1978 Obverse & Reverse.jpg|95px]] || rowspan="4"| 24 February 1980 || rowspan="9"| {{dts|1986|9|4}}
|-
| IS&nbsp;5 ||141×76&nbsp;mm || green || [[Chaim Weizmann]], [[Weizmann Institute of Science]] in background || [[Damascus Gate]] || [[File:Israel 5 Shkalim 1978 Obverse & Reverse.jpg|99px]] 
|-
| IS&nbsp;10 || 147×76&nbsp;mm || blue || [[Theodor Herzl]], entrance to [[Mount Herzl]] in background || [[Zion Gate]] || [[File:Israel 10 Sekel 1980 Obverse & Reverse.jpg|103px]] 
|-
| IS&nbsp;50 || 153×76&nbsp;mm || Ivory-Brown || [[David Ben-Gurion]] at the library in [[Sde Boker]] || [[Golden Gate (Jerusalem)|Golden Gate]] || [[File:Israel 50 Shkalim 1978 Obverse & Reverse.jpg|107px]] 
|-
| IS&nbsp;100 || 159×76&nbsp;mm || Orange-brown || [[Ze'ev Jabotinsky]] || [[Herod's Gate]] || [[File:Israel 100 Shekel 1979 Obverse & Reverse.jpg|111px]] || {{dts|1980|12|11}}
|-
| IS&nbsp;500 ||rowspan="4"| 138×76&nbsp;mm  || red || [[Edmond James de Rothschild]], and farmers || Bunch of grapes || [[File:500 sheqel note.jpg|97px]] || {{dts|1982|12|1}}
|-
| IS&nbsp;1,000 || green || [[Maimonides]] || Tiberias where Maimonides is buried; Ancient stone lamp || [[File:Israel 1000 Sheqalim 1983 Obverse & Reverse.jpg|97px]]|| {{dts|1983|11|17}}
|-
| IS&nbsp;5,000 || blue || [[Levi Eshkol]] || Pipe carrying water, symbolizing the [[National Water Carrier of Israel|national carrier]], fields and barren land in background || [[File:Israel 5000 Sheqalim 1984 Obverse & Reverse.jpg|97px]] || {{dts|1984|8|9}}
|-
| IS&nbsp;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 || [[File:Israel 10000 NIS Bill 1984.jpg|97px]] || {{dts|1984|11|27}}
|-
|colspan="8"|{{Standard banknote table notice|standard_scale=Y|BrE=Y}}
|}

==See also==
* [[Bank of Israel]]
* [[Economy of Israel]]

==References==
===Citations===
{{reflist|30em}}

===Bibliography===
{{refbegin}}
* {{numis cite SCWC|date=1991}}
* {{numis cite SCWPM|date=1994}}
{{refend}}

==External links==
{{Commons category|Old Israeli shekel}}
* [http://www.bankisrael.gov.il/catal/cataloge.htm Bank of Israel catalog of Israeli currency since 1948] {{Webarchive|url=https://web.archive.org/web/20090217164825/http://bankisrael.gov.il/catal/cataloge.htm |date=2009-02-17 }}

{{Historical currencies of Israel}}
{{Shilling}}{{Economy of Israel}}{{Portal bar|Asia|Israel|Money|Numismatics}}

[[Category:Currencies of Israel|Sheqel]]
[[Category:Modern obsolete currencies]]
[[Category:1980 establishments in Israel]]
[[Category:1985 disestablishments in Israel]]
[[Category:1980s in economic history]]
[[Category:Cultural depictions of David Ben-Gurion]]
[[Category:Cultural depictions of Golda Meir]]
[[Category:Shekel]]