The currency of Israel. History of creation

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The Israeli currency is quite a young currency, like the state. The updated Israeli shekel entered circulation in September 1985, following the monetary reform. One unit of the new shekel is equal to 1000 old shekels and consists of 100 agorot.

History of Israel's money

The shekel takes its name from the Hebrew word "saqal" and translates as "to weigh". In historical documents dating back to the second millennium BC, the shekel or shekel was used by the Jews, the Phoenicians, as the "biblical unit of mass" for gold or silver. And ranged from 9 to 17 grams of the noble metal. And the shekel became a coin somewhere in the 5th century BC, and, apparently, those thirty silver pieces of Judah were none other than thirty Tyrian shekels.

The shekel began to be used as the currency of the State of Israel somewhere in the 1st century AD, when the first disobedience of the Jews took place, which resulted in an uprising against the oppression of the Roman Empire. On the coins, not the denomination was minted, but the letters of the Hebrew alphabet, which denoted the years of the rebel struggle. And after the second uprising, when new coins began to be minted, there was a defeatJews and the existence of the shekel were forgotten for a long time.

For a very long time, the land of Israel was considered the territory of Palestine, which was in the Ottoman Empire. In 1840, Palestine introduces the first paper

banknotes. And these treasury notes were called kurush. Further, in 1922, the collapse of the Ottoman Empire takes place, and all of Palestine is supervised by the decision of the League of Nations by Great Britain. With the establishment of a new government, a new currency is introduced - the Egyptian pound, a little later the Palestinian pound.

Shekel as the main currency of the country

In 1948, the UN proclaims Israel an independent state and the Israeli currency at that time begins to be called the Israeli pound, which consists of 1000 miles. 1960 was marked by the introduction of a new series of Israeli pounds. Israel's new currency has changed its design. The five-pound note bore the image of Einstein, while the others featured Israeli politicians. But, unfortunately, due to the instability of the country's economy, inflation of the money supply, banknotes changed almost every ten years. Even a denomination was made - cutting off two zeros, thus, the updated Israeli currency saw the light for the third time.

Since 1969, it was planned to abandon the Israeli pound, but such an operation was kept in the strictest confidence. Since February 24, 1980, after the Knesset adopted a law on the return to the shekel, the currency in Israel again underwent zero-cutting.

However, in 1985, the country was covered by monetary hyperinflation. The government was forced to take extreme measures and withdraw the depreciated shekel from circulation. It was replaced by the new shekel, which is still in use today. In circulation there are cash coins of 10 and 50 agorot, and banknotes of 1, 5, 10 shekels.

Since 1998, Israel's updated currency has been printed in a polymeric material with a vertical design, which includes signs for the blind. The size of all banknotes is standard 138x71.

The path of this money was rather difficult and difficult, but I want to believe that they will remain for a long time.