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monetary unit of Israel. The sheqel (plural: sheqalim) is divided into 100 agorot. Israel's current monetary system, based on the New Israeli Sheqel (NIS), was established in 1985, when the old sheqel was replaced at a rate of 1,000 old sheqalim to 1 new sheqel (NIS 1). Israel has had several monetary systems (some of which predate the country's independence in 1948), including those based on piastres (during the Ottoman Empire), Egyptian pounds (1918-27), Palestine pounds (1927-48), Israeli pounds (1948-80), and Israeli sheqalim (1980-85). The Bank of Israel has exclusive authority to issue banknotes and coins in the country. Banknotes range in denominations from NIS 20 to NIS 200. The obverse of the bills is adorned in the foreground with an important figure in Israel's history and in the background with a depiction of an event with which the person is associated; for example, Moshe Sharett, a Zionist leader and Israeli prime minister (1953-55) who had been imprisoned by the British, is featured in front of the unfurling of the Israeli flag at the United Nations building in 1949 (NIS 20), and Itzhak Ben-Zvi, Israel's second president (1952-63), is shown beside an excerpt from a speech he gave at the first assembly of the Yemenite community (NIS 100). Examples of the reverse-side images include a picture of the Jewish Brigade during World War II (NIS 20) and an alley in Zefat (Safed), the spiritual centre of Kabbala. Coins are issued in values that include NIS 1, NIS 5, and NIS 10, as well as 5, 10, and 50 agorot.