Yes. It's an ancient unit of measurement equivalent to around 11 grams. An ancient coin was the שקל כסף or a shekel of silver. This is similar to the "pound" being both a unit of measurement of weight and a monetary unit.
Of course a pound of sterling silver would be worth around 230 GBP.
OTOH a shekel of sterling silver would be around $6 or around 25 NIS
The English sentence is funny, as it means that the elephant is using scales to weigh something else. Another elephant?