The old Israeli shekel, then known as the shekel (, formally "sheqel", . , "Sheqalim"; , "šikal") was the currency of the State of Israel between 24 February 1980 and 31 December 1985. It was replaced by the Israeli new shekel at a ratio of 1000:1 on 1 January 1986. The old shekel was short-lived due to its hyperinflation. The old shekel was subdivided into 100 new agorot (). The shekel sign was although it was more commonly denominated as S or IS.