Currency Bill –
Country of Origin: Israel
Amount: 1000 Old Shekel
A Little History on Israel in 1983….
It is always interesting to hold a piece of history in hand and this bill is definitely one that holds a part of history of Israel. The old shekel currency is no longer in circulation and is no longer the legal tender; it has been replaced by the new shekel in the mid 1980s. Like many other situations, Israel experienced serious inflation rates in 1983. The inflation rate in 1983 ramped up from 120% to 400%. Bank share prices also collapsed in 1983. Banks’ instability caused fear of economic crisis. If you’re interested in the economic structure of Israel in the year of 1983 (inflation can be a very interesting topic to study), here’s an article that gives a lot of information about Israel’s banking & government system as well as how the inflation rate got to the point that this currency became no value. In addition to the main focus of high inflation in 1983, Israel also signed a peace treaty with Lebanon. Israel and Lebanon have been to two wars and finally settled with a peace treaty in May 1983. More details about the peace treaty can be found here. Holding a piece of history in hand, this currency bill issued in 1983 tells several stories of what happened in Israel during this period.