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The Punic or Carthaginian shekel was typically around 7.2 grams in silver and 7.5 grams in gold (suggesting an exchange rate of 12:1). [6] It was apparently first developed in Sicily during the mid-4th century BC. [3] It was associated with the payment of Carthage's mercenary armies and was repeatedly devalued over the course of each of the ...
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.
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 old shekel replaced the Israeli pound (IL), which had been used until 24 February 1980, at the rate of IS 1 shekel to IL10.
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.
The new subdivision of the shekel was named agora ẖadaša ("new agora"). There were 100 new agorot in 1 shekel. The high rate of inflation in Israel in the early 1980s forced the Israeli government to change the Israeli currency once again in 1985. The new shekel was introduced at a rate of 1000 S per 1 NS. The name agora was used once again ...
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The gold and silver coinage were intended to function together as a single system, but the rate of exchange between them is not known for certain. Jenkins and Lewis proposed that in the time of Group II there was a silver:gold ratio of 15:1, in which case one gold shekel in this period would have been equivalent to 25 silver drachmas of this ...
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