Abstract. We study the Hecke algebra H(q) over an arbitrary field F of a Coxeter system (W, S ) with independent parameters q = (q s ∈ F : s ∈ S ) for all generators. This algebra is always linearly spanned by elements indexed by the Coxeter group W. This spanning set is indeed a basis if and only if every pair of generators joined by an odd edge in the Coxeter diagram receive the same parameter. In general, the dimension of H(q) could be as small as 1. We construct a basis for H(q) when (W, S ) is simply laced. We also characterize when H(q) is commutative, which happens only if the Coxeter diagram of (W, S ) is simply laced and bipartite. In particular, for type A we obtain a tower of semisimple commutative algebras whose dimensions are the Fibonacci numbers. We show that the representation theory of these algebras has some features in analogy/connection with the representation theory of the symmetric groups and the 0-Hecke algebras.