Latvian lats

Latvian lats
Latvijas lats (Latvian)
The standard version of the 1 lats coin bore a salmon
ISO 4217 code	LVL
Central bank	Bank of Latvia
Website	www.bank.lv
User(s)	None, previously:  Latvia
Inflation	-0.4%
Source	ECB,[1] April 2013
ERM
Since	2 May 2005[2]
Fixed rate since	1 January 2005
Replaced by €, cash	1 January 2014[3]
€ =	Ls 0.702800 (Irrevocable)
Subunit
1/100	santīms
Symbol	Ls (before numerals)
santīms	s (after numerals)
Plural	lati (nom. pl.) or latu (gen. pl.)
santīms	santīmi (nom. pl.) or santīmu (gen. pl.)
Coins	1, 2, 5, 10, 20, 50 santīmu, 1, 2 lati
Banknotes
Freq. used	5, 10, 20, 50, 100 latu
Rarely used	500 latu
This infobox shows the latest status before this currency was rendered obsolete.

The lats (plural: lati (2–9) latu (10 and more)), ISO 4217 currency code: LVL or 428) was the currency of Latvia until it was replaced by the euro on 1 January 2014. A two-week transition period during which the lats was in circulation alongside the euro ended on 14 January 2014.^[3] It is abbreviated as Ls and was subdivided into 100 santīmi (singular: santīms; from French centime).

First lats, 1922–1940

The 5 lati coin, used before World War II, became a popular symbol of independence during the Soviet era. The coin was designed by Rihards Zariņš.

20 latu banknote issued 1935 (obverse).

The lats was first introduced in 1922, replacing the Latvian rublis at a rate of 1 lats = 50 rubļi. In 1940, Latvia was occupied by the USSR and the lats was replaced by the Soviet ruble at par.

Coins

Coins were issued in denominations of 1, 2, 5, 10, 20 and 50 santīmu, 1, 2 and 5 lati. The 1, 2 and 5 santīmu were in bronze, the 10, 20 and 50 santīmu were nickel, while coins of 1 lats and above were in silver.

Banknotes

The Latvian Bank issued notes from 1922 in denominations of 20, 25, 50, 100 and 500 latu. They also issued 10 latu notes which were 500 rubli notes overprinted with the new denomination. The government issued currency notes from 1925 in denominations of 5, 10 and 20 latu.

Second lats, 1992–2013

The lats was reintroduced in 1992, replacing the Latvian rublis, which was used for a short period after Latvia regained its independence, at a rate of 1 lats = 200 rubļu.

Coins

Coins were issued in denominations of 1 santīms, 2 and 5 santīmi, 10, 20 and 50 santīmu, 1 lats and 2 lati. Besides standard coins in the list below and coins for collectors, there were a number of coins that were issued only once and were rarely found in circulation – three commemorative circulation coins in denominations of 2, 10 and 100 latu (the later two of which were, respectively, silver and gold), a 100 lats gold bullion coin, a standard issue 2 lats coin that was gradually taken out of circulation starting from 1999 due to safety issues^[4] and a series of limited design 1 lats coins that were issued twice a year from 2004 to 2013, and once in 2001 and 2003.

Current standard series
Image	Value	Value (€)	Composition	Size	Weight	Issued	Description
	1 santīms	€0.014	copper-clad iron	15.65 mm	1.60 g	1992, 1997, 2003, 2005, 2007, 2008	Obverse – The small coat of arms of Latvia, inscription LATVIJAS REPUBLIKA and the date of issue. Reverse – denomination, ethnographic sun ornaments joined by five arches symbolizing a day of work. Edge – plain.
	2 santīmi	€0.028	copper-clad iron	17.00 mm	1.90 g	1992, 2000, 2006, 2007, 2009
	5 santīmi	€0.071	alloy – copper, nickel, zinc	18.50 mm	2.50 g	1992, 2006, 2007, 2009
	10 santīmu	€0.142	alloy – copper, nickel, zinc	19.90 mm	3.25 g	1992, 2008
	20 santīmu	€0.285	alloy – copper, nickel, zinc	21.50 mm	4.00 g	1992, 2007, 2009
	50 santīmu	€0.711	copper and nickel alloy	18.80 mm	3.50 g	1992, 2007, 2009	Obverse – The small coat of arms of Latvia, inscription LATVIJAS REPUBLIKA and the date of issue. Reverse – pine sapling, which symbolizes Latvian forests and denomination, separated by a horizontal line. Edge – reeded.
	1 lats	€1.423	copper and nickel alloy	21.75 mm	4.80 g	1992, 2007, 2008	Obverse – The large coat of arms of Latvia, inscription LATVIJAS REPUBLIKA and the date of issue. Reverse – leaping salmon, which symbolizes the waters of Latvia, and denomination. Edge – inscription LATVIJAS REPUBLIKA repeated twice, separated by diamond-shaped dots.
	2 lati	€2.846	Inner part – alloy of copper, nickel and zinc Outer ring – copper and nickel alloy	26.30 mm (inner part – 18.21 mm)	9.50 g (inner part – 4.50 g, ring – 5.00 g)	1999, 2003, 2009	Obverse – The large coat of arms of Latvia, and on the ring inscription LATVIJAS REPUBLIKA and the date of issue. A cow, which symbolizes Latvian countryside, and denomination. Edge – reeded, inscription LATVIJAS REPUBLIKA repeated twice, separated by diamond-shaped dots.

Banknotes

All banknotes were 130 × 65 mm in size.

Current Series
Image		Value	Value (€)	Main Colour	Description
Obverse	Reverse				Obverse	Reverse
		5 lati	€7.11	Green	Oak tree	Woodcarving – sun on a distaff
		10 latu	€14.23	Purple	River Daugava	Sakta (Latvian brooch)
		20 latu	€28.46	Brown	Traditional house	Woven linen
		50 latu	€71.14	Blue	Sailing-ship	Keys (Historical seal of Riga)
		100 latu	€142.29	Red	Krišjānis Barons	Belt of Lielvārde (Lielvārdes josta)
		500 latu	€711.44	Grey	Latvian folk-maid	Ornamental brass crowns

The lats was the fourth-highest-valued currency unit after the Kuwaiti dinar, Bahraini dinar, and the Omani rial at the end of its circulation. The 500 lats note was the world's third most valuable banknote after the $10,000 Singapore note and the 1,000 Swiss franc note.^[5][6]

See also

• Latvian euro coins
• Commemorative coins of Latvia
• Economy of Latvia

References

1. "ECB: Inflation and the euro". Ecb.int. Retrieved 2014-06-09.
2. "ECB: Euro central rates and compulsory intervention rates in ERM II". Ecb.int. Retrieved 2014-06-09.
3. Eglitis, Aaron (2013-07-09). "Latvia Wins Final EU Approval to Adopt Euro on Jan. 1 Next Year". Bloomberg. Retrieved 2014-06-09.
4. Divlatniekus ar govs attēlu vairs nedod apgrozībā
5. TheRichest. "Most Valuable Currencies In The Word - Highest-valued Currencies". TheRichest. Retrieved 2014-06-09.
6. Karaian, Jason (2013-12-31). "One of the most valuable banknotes in the world is about to vanish – Quartz". Qz.com. Retrieved 2014-06-09.

External links

• Latvian Money
• Coins of Latvia at CISCoins.net