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Israeli New Shekel

Currency Name:Israeli new shekel
ISO Code:ILS
Symbol:
Fraction:Agora
Central Bank:Bank of Israel
Number of Country & Territory Using Israeli New Shekel:2 Countries.
Country & Territory Officially Using Israeli New Shekel:Israel. Palestine.
Banknotes:Banknotes: ₪20, ₪50, ₪100, ₪200, (Rarely used: ₪5, ₪10)
Coins: 10 agorot, 1/2 shekel, ₪1, ₪2, ₪5, ₪10 (Rarely used: 1 agora, 5 agorot)
Summary:

The Israeli new shekel or simply the Israeli shekel (symbol: ₪; code: ILS), is the currency of Israel and is also used as a legal tender in the Palestinian territories of the West Bank and the Gaza Strip. The new shekel is divided into 100 agorot. 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 ⟨₪⟩ is a combination of the first Hebrew letters of the words shekel (ש) and ẖadash (ח) (new). It was previously known as the new Israeli shekel and the non-official abbreviation of NIS (ש"ח‎ and ش.ج‎) is still commonly used domestically to denominate prices. However, the official international currency code of the Israeli new shekel is ILS, as set by the International Organization for Standardization under ISO 4217.

The origin of the name "shekel" is from the ancient Biblical currency by the same name. An early Biblical reference is Abraham being reported to pay "four hundred shekels of silver" to Ephron the Hittite for the Cave of the Patriarchs in Hebron. Shekel is any of several ancient units of weight or of currency in ancient Israel, from the Hebrew root ש-ק-ל (š-q-l) meaning 'weigh'. Initially, it may have referred to a weight of barley. In ancient Israel, the shekel was known to be about 180 grains (11 grams or .35 troy ounces).

From the formation of the modern State of Israel on 14 May 1948 through 1952 banknotes continued to be issued by the Anglo-Palestine Bank as the Palestine pound which was pegged to the British Pound. In 1952, the Anglo-Palestine Bank changed its name to Bank Leumi Le-Yisrael (National Bank of Israel) and the currency name became the Israeli pound.