Old Israeli shekel
| Old Israeli shekel | |
|---|---|
|
שקל (Hebrew) شيقل (Arabic) |
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IS1000 banknote (observe and reverse) issued in 1983
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| ISO 4217 | |
| Code | ILR |
| Denominations | |
| Subunit | |
| 1/100 | new agora |
| Plural | shqalim |
| new agora | new agorot |
| Symbol |
 or IS |
| Banknotes | IS1, IS5, IS10, IS50, IS100, IS500, IS1000, IS5000, IS10,000 |
| Coins | 1, 5, 10 new agorot, IS½, IS1, IS5, IS10, IS50, IS100 |
| Demographics | |
| User(s) |
 Israel (1980-1985) |
| Issuance | |
| Central bank | Bank of Israel |
| Website | www |
| Valuation | |
| Inflation | 1000% (1984) |
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This infobox shows the latest status before this currency was rendered obsolete.
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The old Shekel, known at the time as the Shekel (Hebrew: שקל, formally Sheqel, pl. שקלים, Sheqalim; Arabic: شيقل, šīqal) was the currency of the State of Israel between 24 February 1980 and 31 December 1985. It was replaced by the Israeli New Shekel at a ratio of 1000:1 on 1 January 1986. The old Shekel was short-lived due to its hyperinflation. The old Shekel was subdivided into 100 New Agorot (אגורות חדשות). The shekel sign was , although it was more commonly denominated as S or IS.
The Israeli Shekel replaced the Israeli pound which was used until 24 February 1980.
Development of a new currency to be known as the Shekel (properly, Sheqel) was approved by the Israeli 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 Menachem Begin and Minister of Finance Simcha Erlich approved a proposal to 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.
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