What is the dot in the circle for?

I have a 1987 note and it has a circle with a dot in it on both the obverse and reverse:

All the pictures in the catalogue are of 1992 notes and those only have the dot on the obverse. When I check those dots online, they are at different points in the circle, not perfectly central all the time. That's the same as mine, the dot is not central.

Also under backlight, the two circles do not overlap. here is my 1987 note again, under backlight:

By the way there is no UV activity on this note.

What are those dots for and why do the 1992 notes have it on the obverse only?

 My guess it is a check for alignment by the printer - 

to ensure the black then colour printings are roughly in the same place. 

 There are similar marks on the back page of colour newspapers. 

 I searched for a technical name and found ‘Registration Mark’  

Also ‘The bulls eye is an alignment tool for printer calibration’. 

Thanks! 

But isn't it strange then that the 1992 notes have no dot on the reverse?

 Yes it is. 

These elements are usually just another optical security feature because the precise alignment of both plates is a non trivial thing. But the element that looks like a bunch of Us does a way better job then two parallel dots so I am not sure.

The other thing is, there is no precision with regards to where the dots are. If you look at successive notes or even compare my 1987 obverse vs reverse, the dots are not precisely positioned. They change from one note to another and one side to another. 

I should get a bunch of sequential notes and see if the dots change. 

Does anyone know how the numbering goes with regards to an uncut sheet? Is it sequential by row or by column?

ZacUK

 I searched for a technical name and found ‘Registration Mark’  

Also ‘The bulls eye is an alignment tool for printer calibration’. 

Registration marks tend to be in a printed area which is outside of the final cut area - they would not be present on the banknote after the production process is complete.

Just bumping this because I am still searching for an answer. It's the type of anomaly that bothers me, not knowing why it exists.

I think they may be a security feature, in that the relative positions of the dots on the face and reverse with respect to each other may vary according to the serial numbers and or issue date of the note. The black dot might be printed along with the serial number, also in black ink. 

Is the dot offset or intaglio printing?

I don't know. The best I can do is make some high res scans of that area.

You would be able to feel intaglio printing as a raised dot from the surface. 

If the dot is intaglio, then it would be printed separately from the serial number.

Are there serial numbers on both sides of the banknote?

Does the position of the dot in the circle vary on both sides of the notes, or just on one side?

Serial is on the reverse only.

Dots are on both sides.

I have only a 1987 note in my possession but that note does not have the dots in the same part of the circle, when comparing obverse and reverse.

I'll dig that note out and see if I can feel anything.

I had a feel: the dot is so small that it is not palpable. It does not even register.

I made some scans at 12800 dpi.

Here's the obverse:

Here's the reverse, where I have moved the circle and dot down to the last two digits of the serial number to compare:

Another thought has occurred to me. If the notes are printed in sheets, the dots could be marking the position of each note in the sheet. 

A similar process was used on some Irish banknotes in the period 1928-1960, where tiny letters marked the position of each banknote in a sheet, with associated symbols marking alterations in the plate.

I asked the Bank of Israel currency department and they were helpful, here is the reply:

Thank you for contacting the Bank of Israel and for your interest in Israeli Currency.

 

Further to your question, we would like to respond that the printing marks mentioned in your inquiry were printed for quality control purposes, mainly precision of the printing processes.

Always worth asking :)

Nice of them to reply!