End of the legal period for exchanging First Series New Sheqel banknotes

15.08.2010

End of the legal period for exchanging First Series New Sheqel banknotes

and 5-agorot coins

The Bank of Israel is issuing this reminder to the public that December 31, 2010 is the final date for exchanging old First Series New Sheqel banknotes (which were in circulation in the years 1985–99), and the 5 agorot coin which was abolished and which ceased to be legal tender on January 1, 2008.

The above refers to:

1. Old banknotes of the First Series New Sheqel series, with denominations of 1 sheqel, and 5, 10, 20, 50, 100, and 200 sheqalim.

When the Second Series New Sheqel banknotes currently in circulation were issued in 1999, it was decided that the public would be able to exchange the old First Series notes for notes of the new series until December 31, 2005. The Bank of Israel then decided to extend the period in which the public could exchange the banknotes by five years, to December 31, 2010.

2. The 5 agorot coins

The 5 agorot coin was abolished on January 1, 2008 under the Bank of Israel (Cancellation of Banknotes and Coins) Order, 5768–2008, signed by the Governor, with the approval of the government and the Knesset Finance Committee. The Order specified that during a three year period the public would be able to exchange (a minimum of two) 5 agorot coins for coins or banknotes of higher denominations.

Due to the large monetary value of First Series New Sheqel banknotes and 5 agorot coins still in the hands of the public, the Bank of Israel would like to advise anyone in possession of these notes or coins that they can be exchanged for legal tender, without commission, as detailed below, until December 31, 2010. The Bank emphasizes that after that date they cannot be exchanged.

3. How to exchange the above banknotes and coins

i.         At the Bank of Israel in Jerusalem, 2, Rechov Kaplan, Sundays to Thursdays, 08:30 to 13:30.

ii.       Up to a maximum value of NIS 1,500, by registered mail to the Bank of Israel, Currency Department Cash Desk, P.O.B 780, 91007 Jerusalem. Until the parcel is opened and its contents checked by the Bank, it remains the responsibility of the sender. If the Bank approves the exchange, the current account of the sender in a commercial bank will be credited in accordance with the following details supplied:

first name, surname, ID number, address, telephone number, name of bank, name and number of the branch in which the account is held, and the number of the account to be credited. It is therefore recommended to attach these details to the parcel of banknotes and coins.

iii.      The exchange can be made directly in the branch of the bank where the current account is held, and the account credited directly.

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