The
new Israeli Shekel is "
new" because it is worth
1000 Israeli Shekels. "
Shekel" stems from the
root for
weight (and is the name of an
ancient coin), so (like most
names of
currencies) it means much the same as "
pound".
The NIS was introduced around 1986 to combat hyperinflation. While slashing 3 zeroes off all prices might not seem a great way to lower them (in real terms), it actually worked! Of course, there were many other factors. Introducing a new currency in your country is not guaranteed to have desired effect. Always consult with a qualified economist.
The Shekel itself was worth 10 "Lira"s (literally pound). Even today, you can still hear some people at the market translating the price of tomatoes into "35000 per kg" to find out how expensive they really are.
This is my M node. I would like to take the time to thank all members of Humanity whose contributions to human culture I have noded incorrectly and insultingly, only I don't have enough time for them.