Banknotes are an expression of the sovereignty of a nation just one degree below its national flag and national emblem. Most nations’ banknotes include some iconographic text of political significance. However, the first banknotes issued in August 1948 by the Anglo-Palestine Bank, later to become the Israeli National Bank (Bank Leumi), did not include political messages. These banknotes were designed in the USA and carried abstract designs making forgery difficult.
The first banknote designed by the Shamir Brothers was nicknamed paper-pennies (ma’ot niyar). It was issued towards the end of 1953 with the value of 250 pruta (pruta was 1/1000th of a Lira). The front side was abstract and the back a scene of the Sea of Galilee (Yam Kineret).
With the establishment of the central bank (Bank Israel) preparation were begun on the issuing of new banknotes of the new Bank. These came into circulation in the summer of 1955. The chosen theme was Israeli country scenes, similar to the theme of the banknotes of the British mandate.
In 1958 Bank Israel put out a tender for the design of a new set of banknotes. Shamir Brothers won the design of the front of the notes and Jaacob Zim the reverse side. These banknotes carried clear Zionist messages: images of a female soldier (of the Nahal), a fisherman, an industrial worker, a scientist and a pair of pioneers. Shamir used a modern design style but the Dutch company (Jon Enschede) that were responsible for producing the banknotes insisted on a more realistic style as a defence against forgeries. The outline/boundary of both sides of the notes was by Shamir and Zim’s designs were embedded into it.
In 2012 Discount Bank issued its own notes as a gift for visitors to its Herzl Lilienblum Museum. The bank used for these the Shamir outlines without obtaining the permission of the creators or of Israel Bank and replaced the original images with cartoon characters. Bank Israel refused to get involved.

Millions of copies of unknown banknotes designed by Shamir Brothers in 1967 for “Israeli Defence Forces Command” were printed but were never put into circulation. These were banknotes ordered by Israel Bank for use in areas occupied during the Six Day War. For the West Bank of the Jordan Shamir designed a 500 fils (1/2 a Dinar) banknote and a 1 Dinar banknote. For the Gaza Strip and North Sinai a 1 Lira banknote. Other banknotes were designed by Rothschild Lipman. However, by the time the new banknotes arrived from printers in Israel, Belgium and Holland the local population in the territories had got used to using the standard Israeli currency notes (the Shamir – Zim designs). Consequently, the Government and Bank Israel decided to drop the banknotes designed specifically for the “Israeli Defence Forces Command”.
Banknote design can be classed in the same category as bonds and shares documents. We are aware that Shamir designed such documents but they have still to be discovered.