peres
n. plural-only C2 Proficiency US //ˈpɛɹɛz// peres
n. a very small unit of money used in Israel. It is equal to one hundredth of a shekel, but it is no longer used in everyday life because the coins are too small.
n. a former subunit of the Israeli currency, equal to one hundredth of a shekel. While still technically valid, it has been effectively phased out of circulation due to the physical size of the coins.
The price of the candy was 50 peres.
Before the currency was reformed, people often paid for small items in peres rather than shekels.
The transition from peres to the new shekel involved rounding prices to the nearest whole unit, effectively removing the smallest denomination from the daily economy.