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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.
By August 1985, the exchange rate for one U.S. dollar reached IS 1500. The new Israeli shekel replaced the shekel following its hyperinflation and the enactment of the economic stabilization plan of 1985 which brought inflation under control. It became the currency of Israel on 4 September 1985, removing three zeros from the old notes.
A shekel or sheqel (Akkadian: ... 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 ...
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.
Israeli new shekel, used from 1985 to the present; Old Israeli shekel, used from 1980 to 1985; Israeli pound, used from 1948 to 1980; Shekel, used by the United Monarchy of Israel and the Kingdom of Israel, as well as during the Great Revolt
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 ...
In Deir al Balah, Mohammad al-Ashqar, a jeweler for decades, repairs worn-out Israeli shekels with simple tools like glue and an X-Acto knife, aiming to restore them as usable currency.
The Shekel sign, however, is not engraved on most keyboards sold in Israel and the sign is rarely used in day-to-day typing. On systems with the Hebrew keyboard layout set, it can be typed on modern [a] Microsoft Windows, desktop Linux and ChromeOS by using AltGr+4. (⇧ Shift+4 makes the dollar sign and AltGr+A is used to type shva.)