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Coins to Replace Shekels

The Bank of Israel is planning to replace the present one Shekel bills, worth about 13 cents today, with metal coins within the coming three months. Five-Shekel coins (66 cents) will be introduced by the end of the year and 10-Shekel coins at a later date.

At the present rate of inflation (130 percent during 1980) the new coins will be worth less than half their present foreign exchange value when introduced. The bank explained that metal coin-age costs less than half as much to produce as a paper note and has a life expectancy of years instead of a maximum of one year for a paper note.