PRICES & CURRENCY
From the British Pound to the Israel Lira, to the Shekel to the New Shekel
Letter Excerpts:
“The first place visited was Zichron Yaakov & the winery where most Israel wine is produced for export. It tasted great & is sold here for about 50 cents a quart bottle. Some contrast to the price of it in the U.S.”
August 8, 1957 – night
“So far the food is great. If you go out & eat for the than $1. You get a full course steak dinner complete. Malted 10 Cents Soda 3 CENTS ETC.”
August 20, 1957 – night
“Last night. I ate a full course meat meal for the cost of $1.80 American money including tip soda etc.”
— July 26, 1957, night
Israel Currency Changes
Pre-State British Mandate – The Palestine Pound
The Palestine pound was the currency of the British Mandate of Palestine from 1 November 1927 to 14 May 1948, prior to the State of Israel being established.
Palestine Pound “Lira”, May 15, 1948 – June 1952
When the State of Israel was established in May 1948, the British pound remained, however the Hebrew words, “LIRA” were printed on the paper bills of the Palestine pound.
The Israel Lira: June 1952 – February 1980
The Israel lira, also known as the Israel pound, was the currency of the State of Israel from June 9, 1952 until February 23, 1980. (In July of 1957, while my dad was in Israel, the exchange rate was 1.8 Israel lira to one US dollar.).
Shekel Replaces Lira, Feb. 1980 – Dec. 1985
The Lira was replaced by the Shekel on 24 February 1980, at the rate of 1 shekel = 10 Israeli lirot.(See picture of old 500 Lira with picture of David Ben Gurion and 50 shekel also with his picture, both being the same value). The shekel remained Israel’s currency from Feb 24, 1980 thru December 31, 1985.
New Shekel replaces old Shekel – 1986 to Present
Dut to hyperinflation in Israel the new Israel shekel replaced the old shekel on January 1, 1986 at the rate of 1 New Shekel = 1000 old shekels. The new shekel has been in use ever since. (See picture of old 10,000 shekel with picture of Golda Meir and picture of new 10 shekel bill also with her picture – both being of the same value).
Pre-State British Mandate Palestine Pound
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The Palestine Pound “LIRA”
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The Israeli Lira bill 1950s
500 Lira – Ben Gurion pre-original Shekel
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50 original Shekel – Ben Gurion, equal to old 500 Lira (above)
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10,000 original Shekel – Golda Meir, pre-New Shekel
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10 New Shekel – Golda Meir, equivalent to 10,000 original shekel (above)
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