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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.
Moabites, Edomites, and Phoenicians used the shekel, although proper coinage developed very late. Carthaginian coinage was based on the shekel and may have preceded its home town of Tyre in issuing proper coins. [3] Coins were used and may have been invented by the early Anatolian traders who stamped their marks to avoid weighing each time used.
Currency ISO 4217 code Symbol or Abbrev. [2]Proportion of daily volume Change (2019–2022) April 2019 April 2022 U.S. dollar: USD $, US$ 88.3%: 88.5%: 0.2pp Euro
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Moses mandated that the standard coinage would be in single shekels of silver; thus each shekel coin would constitute about 15.86 grams (0.51 troy ounces) of pure silver. In Judea, the Biblical shekel was initially worth about 3⅓ denarii, but over time the measurement had enlarged so that it would be worth exactly four denarii. [1]
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