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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.
Moabites, Edomites, and Phoenicians used the shekel, although proper coinage developed very late. Carthaginian coinage was based on the shekel and may have preceded its home town of Tyre in issuing proper coins. [3] Coins were used and may have been invented by the early Anatolian traders who stamped their marks to avoid weighing each time used.
The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1. The currency sign for the new shekel ₪ is a combination of the first Hebrew letters of the words shekel (ש ) and ẖadash (ח ) (new). When the shekel sign is unavailable the abbreviation NIS (ש״ח and ش.ج) is used.
Israeli currency may refer to these items: Israeli new shekel, used from 1985 to the present; Old Israeli shekel, used from 1980 to 1985; Israeli pound, used from 1948 to 1980; Shekel, used by the United Monarchy of Israel and the Kingdom of Israel, as well as during the Great Revolt
The old Israeli shekel, , in circulation between 1980 and 1985, had a different symbol, which was officially announced on 18 March 1980. [3] Before the introduction of the old shekel in 1980, there was no special symbol for the Israeli currency. It was a stylized Shin shaped like a cradle (i.e. rounded and opening upward).
The law allowed the minister to decide on the date for the change. The law came into effect in February 1980, when the Israeli government introduced the 'Israeli shekel' (now called old Israeli shekel), at a rate of IL 10 = IS 1. On 1 January 1986, the old shekel was replaced by the Israeli new shekel at a ratio of IS 1,000 : ₪1.