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On September 4, 1985 the new sheqel, equal to 1,000 old sheqalim, became the currency of Israel. The dropping of three zeros from the old sheqel denominations was intended to simplify money calculations and to facilitate cash payments and financial recording. The name "sheqel" was retained so as not to deviate from the original intention of the legislator as embodied in the Sheqel Currency Law, 5729-1969, viz., to preserve the ancient name of Israel's coinage. The first series included a new denomination - NIS 50. Later on a NIS 100 banknote was introduced, and in 1986, for the first time since the establishment of the state, an intermediate denomination (NIS 20) was issued. The new sheqel series continues the trend of perpetuating the memory of prominent personages in Jewish history. The colours and other characteristics of the first banknotes are similar to those of the old sheqel series. The NIS 20, NIS 50, NIS 100 and NIS 200 notes were printed in distinct colours different from the previous ones in order to facilitate their identification by the public. |