Israel is a Middle Eastern country located on the Mediterranean Sea. It is regarded by Christians, Jews, and Muslims as the biblical Holy Land. Israeli new shekel (ILS) is the country's official currency issued by the Bank of Israel. It is comprised of 100 agorot. The word "shekel" was originally a unit of weight that was approximately one ounce. In 1980, the shekel replaced the Israeli lira as the currency of Israel.
As of 2016, the new shekel is issued by the Bank of Israel, while Switzerland produces the banknotes and South Korea, the coins. There are distinct divisions of the new shekel which includes 0.5 shekel and 10 agorot. In 1986, the new shekel served as the official currency of Israel. The old shekel underwent a period of inflation during the 1980s. The new shekel replaced it then in 1986 at a ratio of 1,000:1. The new rate shifted into one new shekel corresponding to 1,000 old sheqalim. The new shekel has managed long-lasting stability despite a slump in Israel within 2008 and 2009. This is thanks to the implementation of Israel's new economic policies and the state's banks' prosperity. In 2003, the Israeli new shekel grew into a freely convertible currency, beginning trading derivatives in 2006, and became fully convertible in 2008.
The Bank of Israel issues bills and coins, which are based on the new shekel system. These bills and coins, in turn, come as part of a series that the Bank of Israel issues periodically. Following an initial series of the new shekel, in 1999, the country issued a second series. This series added new features, including security features to safeguard against forgery. Naomi Rosner and Meir Eshel designed the second series of bills and coins.
In 2014, the third series came out, and this series endeavored further to enhance the security features of the second series to protect the economy from counterfeit money. This series also came with features that made money much easier to handle by the blind and people with other eyesight issues. Design on the new shekels of the third series showcases themes and poets important to Israel. With this series, the Bank of Israel adopted the standard English spelling of "shekel," while earlier versions used the traditional Hebrew translations of "sheqel."