Israeli new shekel is an official currency of Israel with code ISL. The currency is also used as legal tender in Palestinian territories of Gaza strip and West Bank. The currency is further subdivided into 100 agora. The new shekel came into use in January 1986 by replacing the old shekel at ratio of 1000:1. However the currency code of Israeli new shekel is ISL that is set by International Organization for Standardization under ISO 4217, but still previous currency code NIS is commonly used in Israel to dominate prices and it also appears on website of Bank of Israel.
The Israeli shekel was introduced as an official currency first time on 24th February 1980. From June 1952 to until 23rd February 1980, Israeli pound was currency of State of Israel. The Bank of Israel was established in 1955 who took over the responsibility for issuance of banknotes. In 1960, debate on non-Hebrew name of Israeli currency started in Israel which resulted in ordering the Finance Minister to change the non-Hebrew name pound into Hebrew name shekel. The name didn’t change until 1980. The government of Israel decided to change currency from Israeli pound to Israeli shekel at the rate of 1 shekel = I£10.
The banknotes of ₪20, ₪50, ₪100, ₪200 and coins of 10 agorot, ₪1⁄2, ₪1, ₪2, ₪5, ₪10 are in general circulation in Israeli economy and in Palestinian territories.