That elephant is carrying soldiers of Syrian King Antiochus at the battle of Zahariya in 162 BCE, during the Maccabean revolt. Underneath the poor beast of war is Eleazar Horan, brother of Judah Maccabeus (the leader of the revolt). He is stabbing the elephant to death and is known as the Hasmonean Hero. The greatly outnumbered Maccabees were victorious.
This is Israel's fourth Hanukka coin. It was not intended to circulate, but it was legal tender at the time, and it is easy to imagine some young recipient of this coin using it to buy some treats.
All coin images in Daniel's Coin Zoo are from my personal collection. I collect, research, and personally photograph every coin displayed on this site. PLEASE do not take my images without permission. If you would like to use any coin image you see, just ask me. Thank you.