King Solomon, purchased chariots and horses from Ejypt using silver. What is the cost of One Shekel of Silver in todays rate?

1 Kings 10:29 Says Israel Kingdom, during the reign of King Solomon, purchased chariots and horses for shekels of silver from Ejypt.

"They imported a chariot from Egypt for six hundred shekels of silver, and a horse for a hundred and fifty. They also exported them to all the kings of the Hittites and of the Arameans."
New International Version (NIV)

Ancient Jewish Coins

So what is value of a Shekel of silver in today's silver rate ?


One shekel of silver is 11.34 gms
Coverting to INR (Indian Currency) (Silver Rate Rs. 43.07 per gram on May 9,2018) : 11.34 * 43.07 = 488.41 (Lets round it to Rs 500). You can get current rate of Silver from here goodreturns.in
So today One shekel of silver costs Rs 500 ($7.43).

So according to 1 Kings 10:29 , in todays value King Solomon imported a chariot from Egypt for Rs 300,000 or $ 4,455.34 ( six hundred shekels of silver / 6.8kg [Rs500 X 600] ), and a horse for a Rs 75000 or $1113.83 (hundred and fifty shekels of silver / 1.7kg [Rs500*150] ).

Please note: During the time of Solomon Silver was very cheap (1 Kings 10:21 .....Nothing was made of silver, because silver was considered of little value in Solomon's days....). But Silver was a precious metal in Ejypt and King Solomon earned big gains through thsi trade with Ejypt.