Israel Currency Guide: History, Usage, and More

The Israeli currency, known as the Shekel, has a fascinating history. The Shekel was first introduced in 1980, replacing the Israeli Lira, and was pegged to the US dollar.

In 1985, Israel switched to a floating exchange rate, allowing the Shekel to fluctuate against other currencies. This change had a significant impact on the Israeli economy.

The Shekel comes in various denominations, including 10, 20, 50, 100, and 200 coins, as well as 20, 50, 100, and 200 banknotes.

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The first official currency of Israel was the Israeli pound, also known as the "lira" in Hebrew, which was in circulation from June 1952 until February 1980.

The Israeli pound was replaced by the Israeli shekel in February 1980, which was introduced to stabilize the economy and combat hyperinflation.

The Israeli shekel was divided into 100 agorot, and its symbol is ₪. The Bank of Israel is responsible for the issuance and regulation of the shekel.

The shekel has undergone several changes since its introduction, with the new shekel being introduced in 1985 to replace the old shekel. The new shekel is still the official currency of Israel today.

The new shekel coins feature various designs and inscriptions, including historical and cultural symbols.

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The Israeli pound, also known as the "lira" in Hebrew, was the country's first official currency, introduced in June 1952 and circulating until February 1980.

It replaced the Palestine pound, which was used during the British Mandate period.

The Israeli pound experienced frequent devaluations against foreign currencies during the 1960s and 1970s.

In 1980, the Israeli shekel replaced the Israeli pound as the official currency to combat hyperinflation.

The original shekel, now known as the old shekel, lasted only five years before it was replaced with the new shekel in 1985.

The old shekel has been demonetized and is no longer accepted anywhere in Israel.

The new shekel has been a strong and stable currency, widely accepted both within Israel and internationally.

It is divided into 100 agorot, and its symbol is ₪.

The Bank of Israel is responsible for the issuance and regulation of the new shekel.

Israel introduced coins in denominations including 1 agora, 5 agorot, 10 agorot, 1/2 shekel, and 1 shekel in 1985.

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The 1 agora coin production stopped in 1990 and was withdrawn from circulation in 1991.

In 2011, Israel planned to mint new coins with less metal to reduce costs and enhance security against counterfeiting.

The Bank of Israel considered removing the word "new" from the coin series, marking the first major change since the new shekel coins were introduced in 1985.

In 2022, the Bank of Israel announced a new series with updated inscriptions, changing "new sheqalim" to "new shekels" on the coins.

The current series of new shekel coins features various designs and inscriptions, including historical and cultural symbols.

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The Temple Tax was a significant aspect of Jewish tradition during the Second Temple period. This annual tax was required of all Jews, regardless of their location, and was used to maintain the Temple precincts and purchase public animal offerings.

The tax was equivalent to two Athenian drachmæ, with each drachma weighing around 4.3 grams. This monetary tribute was a crucial source of income for the Temple at Jerusalem.

Archaeological excavations at Horvat 'Ethri in Israel uncovered a half-Shekel coin minted in the 2nd century CE, featuring the words "Half-Shekel" in paleo-Hebrew. The coin had a silver content of 6.87 grams.

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The New Israeli Currency is a fascinating topic. The Israeli New Shekel has undergone changes over the years, with the Third Series of banknotes launched between 2014 and 2017.

Each denomination of banknote has a unique color and design. The 20-shekel note is red, the 50-shekel note is green, the 100-shekel note is yellow, and the 200-shekel note is blue.

The newest shekel banknotes feature vibrant colors and poetry. The current 20-shekel note is red, the 50-shekel note is green, the 100-shekel note is yellow, and the 200-shekel note is blue.

The Third Series of the New Shekel banknotes in Israel showcases the country's esteemed Hebrew poets. Each note is adorned with unique colors and designs.

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The official currency of Israel is the Israeli new shekel (NIS), abbreviated as ₪. It's divided into 100 agorot.

You can exchange your currency at banks, exchange offices, or hotels in Israel. Banks generally offer the most competitive exchange rates, but they may charge a commission or have limited hours of operation.

Exchange offices and hotels may have more flexible hours and no commission, but they may offer less favorable exchange rates. It's essential to compare the exchange rates and fees before exchanging your currency, as some exchange offices may advertise "commission-free" exchanges with hidden fees or unfavorable rates.

The Israeli new shekel (NIS) is the official currency of Israel, abbreviated as ₪.

Most ATMs in Israel accept international cards, including Visa and MasterCard.

You should be aware of potential fees from both the Israeli ATM and your home bank when using ATMs.

Use ATMs in well-lit, secure locations to ensure your safety.

The Israeli new shekel is divided into 100 agorot.

Avoid withdrawing large sums of money at once to minimize your risk.

You can exchange your currency at banks, exchange offices, or hotels in Israel. Banks generally offer the competitive exchange rates, but they may charge a commission or have limited hours of operation.

Some exchange offices may have more flexible hours and no commission, but they may offer less favorable exchange rates. Always compare the exchange rates and fees before exchanging your currency.

Licensed Exchange Bureaus are found in major cities and tourist areas, offering competitive rates and extended hours. Look for authorized bureaus to avoid scams.

Many hotels provide currency exchange services, but the rates might not be as favorable as at banks or exchange bureaus.

Exchanging currency in Israel is relatively easy and convenient, but it's essential to know the basics to avoid any hassle.

You'll need to exchange your currency to Israeli new shekels (ILS) when traveling to Israel.

Banks and exchange offices may charge fees and commissions for currency exchange, so always ask about the fees and commissions before exchanging your currency.

ATMs are widely available in Israel and offer competitive exchange rates, but some may charge a withdrawal fee or foreign transaction fee. Check with your bank before using an ATM in Israel.

Having some cash on hand is a good idea, especially for smaller businesses that may only accept cash.

To convert leftover shekels back to your home currency, you can do so at the airport or at authorized exchange bureaus, and keep your exchange receipts for this purpose.

Keep in mind that conversion rates may vary, so compare options to get the best deal when converting your leftover shekels.

The cost of living in Israel can vary widely depending on your location and lifestyle. Accommodation options range from budget-friendly $100 per night to luxury hotels costing $500+.

Meals at mid-range restaurants are relatively affordable, with an average cost of $15-30 per meal. Street food is even cheaper, with prices starting from $5-10.

Public transportation is a great way to get around, with buses and trains being very affordable. However, car rentals and taxis are more expensive.

Rent is the most expensive living item in Israel, especially in major cities like Tel Aviv and Jerusalem. A one-bedroom apartment in the city center can cost around $1385 – $1940 USD per month.

A meal at an inexpensive restaurant costs around $13 USD, while a mid-range three-course meal for two costs around $76 USD.

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The Israeli currency has a fascinating catalog of coins and banknotes. The State of Israel's first coin was the 25 mil coin.

The coins in circulation include the 10 Agorot, the smallest coin available, and the 10 Shekels, the largest coin in circulation. You'll often see the 1 Shekel and 5 Shekels coins used for everyday purchases.

Here are the main coins in circulation:

The banknotes feature renowned Hebrew poets, with the 20 Shekels note featuring Rachel Bluwstein, a celebrated poet.

In 1985, Israel introduced coins in denominations including 1 agora, 5 agorot, 10 agorot, 1/2 shekel, and 1 shekel.

The 1 agora coin production stopped in 1990 and was withdrawn from circulation in 1991.

A 2 shekel coin was introduced in 2007.

The last minting of the 5 agorot coin was in 2007, and it was removed from circulation in 2008.

Israel planned to mint new coins with less metal to reduce costs and enhance security against counterfeiting in 2011.

The Bank of Israel considered removing the word “new” from the coin series in 2011.

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The coins are produced by the Korea Minting and Security Printing Corporation (KOMSCO).

In 2022, the Bank of Israel announced a new series with updated inscriptions, changing “new sheqalim” to “new shekels” on the coins.

The first coins to feature the new inscriptions would be the 5 and 10 new shekel coins, with 10 agorot and 1/2 new shekel coins also including unit names in Arabic.

The 500-shekel banknote is a rare and collectible note in Israel. It was introduced in 1982 as part of the old shekel system.

This banknote was unique in that it was the first Israeli note to come in standard dimensions: 138mm x 76mm.

The 500-shekel note was not printed after 1985, when the old shekel was demonetized, which means it's now highly sought after by collectors.

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The smallest coin in circulation is the 10 Agorot, which is a fraction of a shekel. It's interesting to note that the 10 Agorot coin is the smallest denomination in use.

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The 50 Agorot coin is a half-shekel coin, which is a significant denomination in Israel's currency. This coin is an important part of the country's financial system.

Here's a list of the coins currently in circulation:

Commemorative coins are issued by the Bank of Israel each year to mark special occasions, and their form is determined by the Governor with the approval of the Supervisory Council and the Government.

The Governor is assisted by the Committee for the Planning of Banknotes, Coins, and Commemorative Coins in making these determinations.

Commemorative coins can be made of silver or gold, and are marketed to the public and collectors in Israel and abroad through a marketing company.

To market commemorative coins, a company must be appointed by the Minister of Finance with the consent of the Governor.

The Israel Coins and Medals Corporation Ltd. and G.R.A.S. Designs and Combinations Ltd. were appointed as non-exclusive marketers of commemorative coins by the Minister of Finance and the Governor.

If you're interested in marketing commemorative coins, you can submit an application form available on a specific link, but be aware that you'll need to agree to the marketing approval terms and other provisions of the application documents.

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The current Israeli banknotes are quite vibrant and feature some amazing poets. The 20-shekel note is red and features Rachel Bluwstein, a renowned Hebrew poet.

Each denomination of banknote has a unique color and poet. The 50-shekel note is purple and features Shaul Tchernichovsky, a celebrated Hebrew poet.

The 100-shekel note is orange and features Leah Goldberg, a prominent Hebrew poet. The 200-shekel note is blue and features Nathan Alterman, a famous Hebrew poet.

Interestingly, there was a 500-shekel banknote that was introduced in 1982, but it's now highly collectible due to its rarity. It was part of the old shekel system and was demonetized after 1985.

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Importing and exporting currency in Israel is relatively straightforward. You must declare if you're bringing in or taking out more than 100,000 NIS.

There are no restrictions on the amount of foreign currency you can bring into or take out of Israel. However, amounts above the threshold must be declared.

You must declare if you're bringing in or taking out more than 100,000 NIS (or equivalent in foreign currency).

No Restrictions on Foreign Currency

There are no restrictions on the amount of foreign currency you can bring into or take out of Israel.

Declaration Threshold

Amounts above 100,000 NIS must be declared, but it's not specified what happens if you forget to declare.

Foreign Currency Limits

There are no restrictions on the amount of foreign currency you can bring into or take out of Israel, but you'll need to declare if you exceed the threshold.

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Returning to Israel, you'll need to exchange your currency for the local shekel. Currency exchange booths are available at Ben Gurion Airport, but the rates are slightly less favorable. Most banks in Israel offer currency exchange services with better rates, but banking hours may be limited.

The shekel has a long history in Israel, replaced by the new shekel in 1985 due to hyperinflation. The new shekel is subdivided into 100 agorot and is the current unit of currency in Israel.

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