The midfielder was charged by the Football Association in November over the incident involving Wolves player, Romain Saiss who plays for Morocco.
Shelvey pleaded not guilty to the charge, but will serve the ban and pay the fine, after the case against him was proven.
An FA statement read: “The Newcastle United player was charged with using abusive and/or insulting words towards an opponent in the 87th minute of the game against Wolverhampton Wanderers on Saturday 17 September 2016.
“It was further alleged that this breach of Rule E3(1) was an “Aggravated Breach” as defined in Rule E3(2), as it included reference to ethnic origin and/or race and/or nationality.
“The player, who denied the charge at an Independent Regulatory Commission hearing, was also ordered to attend an FA education course.
“The sanction has been set aside pending consideration for an appeal. Any appeal must be lodged within seven days from receipt of written reasons which will be produced in due course.”
Shelvey has made 26 appearances in all competitions this season, scoring three goals.