Israeli new shekel

The Israeli new shekel (  Arabic: ) (sign: ₪; acronym: ש״ח and in English NIS; code: ILS) (pl. sheqalim – ; ) is the currency of the State of Israel. It is also used in the Palestinian territories of the West Bank and the Gaza Strip. The shekel consists of 100 agorot (sing. agora, ). Denominations made in this currency are marked with the shekel sign, ₪. The Israeli new shekel has been in use since 1 January 1986 when it replaced the old shekel that was in usage between 24 February 1980 and 31 December 1985, at a ratio of 1000:1. The authoritative spelling on Israeli coins and banknotes is new sheqel, pl. new sheqalim, though the spelling shekel is also commonly used.