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Israel gained its independence on May 14, 1948. Egyptian Pounds (EGP) were used for currency in Israel from 1918 until November 1, 1927, when the Palestine Pound (PSP) was created at par with the British Pound Sterling (GBP). Palestine used a currency board to back the currency. The Israeli Pound (ILP) replaced the Palestine Pound at par on August 16, 1948. The Pound was divisible into 1000 Mils from August 17, 1948 to December 24, 1948, into 1000 Put out from December 24, 1948 until December 31, 1959 and into 100 Agorot from January 1, 1960 to February 24, 1980.

The Israeli Sheqel (ILL) replaced the Pound on February 22, 1980 at the rate of 1 Pound equal to 10 Sheqels. The Sheqel was divisible into 100 Agorot. Inflation during the 1980s led to the introduction of a New Sheqel (ILS) at the rate of 1 New Sheqel equal to 1000 Old Sheqels. The Sheqel is divided into 100 Agorot and 1000 Sheqalim. Banknotes were issued by the Anglo-Palestine Bank from 1948 until June 1952, by the Bank Leumi Le-Israel from June 1952 until December 1, 1954, and by the Bank of Israel beginning in 1954.

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Here is a 500 Sheqalim note dated JE5742 or 1982. The note is red on multicolored underprint. The obverse depicts farm workers in the center and Baron Edmund de Rothschild (1845 – November 2, 1934) was a French member of the Rothschild banking family (was a strong supporter of Zionism, his genorous donations lent significant support to the movement during its early years which helped lead to the establishment of the State of Israel) to the right. The reverse shows a bunch of vine leaves. The watermakr for this note features Baron Edmund de Rothschild.

• Krause# Pick-48

This is a 1 Lira note dated JE5718 or 1958. The note is blue on light blue and peach underpint. The obverse depicts a fisherman with his net and an anchor. The reverse shows a Synagogue mosaic to the left. This note has a security thread and a tape of morse code running widthwise through the fiber of the paper.

• Krause# Pick-30c

• Krause# Pick-