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Latvian lats
Latvijas lats (in Latvian)
The standard version of the 1 lats coin bore a salmon
ISO 4217
Code	LVL
Denominations
Subunit
.mw-parser-output .noboldfont-weight:normal  1/100	santīms
Plural	lati (nom. pl.) or latu (gen. pl.)
santīms	santīmi (nom. pl.) or santīmu (gen. pl.)
Symbol	Ls (before numerals)
santīms	s (after numerals)
Banknotes
Freq. used	5, 10, 20, 50, 100 latu[citation needed]
Rarely used	500 latu
Coins
Freq. used	10, 20, 50 santīmu, 1, 2 lati
Rarely used	1, 2, 5 santīmu[citation needed]
Demographics
User(s)	None, previously:  Latvia
Issuance
Central bank	Bank of Latvia
Website	www.bank.lv
Valuation
Inflation	-0.4%
Source	ECB,[2] April 2013
ERM
Since	2 May 2005[1]
Fixed rate since	1 January 2005
Replaced by €, cash	1 January 2014[3]
€ =	Ls 0.702804 (Irrevocable)
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 from 1922 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 on 3 August 1922, replacing the Latvian rublis at a rate of 1 lats = 50 rubļi.^[4] The lats was pegged against the gold standard from its introduction till 1940. ^[5]

On 17 June 1940, Latvia was occupied by the USSR. After the dismantling of the Bank of Latvia and its replacement with the Latvia Republican Office of the Gosbank on 10 October, the Soviet ruble was introduced alongside the lats on 25 November 1940 at par, although the real monetary value of the rouble was about three times lower and thus both wages and prices were gradually raised to devalue the lats from June to November 1940. To lessen the effect of the exodus of goods sent by Soviet occupational personnel to the USSR, taking advantage of the new exchange rate, buyer limits for various goods were introduced. ^[6]

Although the Soviet authorities initially pledged not to abolish the lats, it was taken out of circulation without prior warning at 13:05 on 25 March 1941, simultaneously nationalising all deposits larger than 1000 lats. A part of the Latvian gold, silver and currency reserves were sent to Moscow at the start of the occupation.^[7][8]

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 (Cu,Sn,Zn), the 10, 20 and 50 santīmu were nickel, while coins of 1 lats and above were in silver, with a purity of 83,5 percent.^[9]

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, 1993–2013

The lats was reintroduced on 5 March 1993,^[10] replacing the Latvian rublis, which continued to circulate and kept validity until and including 30 June 1994^[11] at a rate of 200 rubļu being equivalent to 1 lats. The 5 lats banknote was introduced at first, and the last banknote to be introduced was the 500 lats banknote on 20 July 1998.^[12] The lats was replaced on 1 January 2014 by the Euro, at the rate of 0.702804 Lats to 1 Euro. The second lats can be exchanged to euros at the official rate at the Bank of Latvia's cashier's office in Riga.^[13]

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^[14] 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. The standard coins were designed by Gunārs Lūsis and Jānis Strupulis.

Current standard series
Image	Value	Value	Composition	Diameter	Weight	Edge	Issued	Description
	1 santīms	€0.014	copper-clad iron	15.65 mm	1.60 g	Smooth	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.
	2 santīmi	€0.028	copper-clad iron	17.00 mm	1.90 g	Smooth	1992, 2000, 2006, 2007, 2009
	5 santīmi	€0.071	copper / nickel / zinc alloy	18.50 mm	2.50 g	Smooth	1992, 2006, 2007, 2009
	10 santīmu	€0.142	copper / nickel / zinc alloy	19.90 mm	3.25 g	Smooth	1992, 2008
	20 santīmu	€0.285	copper / nickel / zinc alloy	21.50 mm	4.00 g	Smooth	1992, 2007, 2009
	50 santīmu	€0.711	copper / nickel alloy	18.80 mm	3.50 g	Reeded	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 / nickel alloy	21.75 mm	4.80 g	Plain and lettering: LATVIJAS BANKA ♦ LATVIJAS BANKA ♦	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.
	2 lati	€2.846	Inner: copper / nickel / zinc alloy Outer: copper / nickel alloy	26.30 mm (inner: 18.21 mm)	9.50 g (inner: 4.50 g, ring: 5.00 g)	Reeded and lettering: LATVIJAS BANKA ♦ LATVIJAS BANKA ♦	1999, 2003, 2009	Obverse: The large coat of arms of Latvia, and on the ring inscription LATVIJAS REPUBLIKA and the date of issue. Reverse: A cow, which symbolizes Latvian countryside, and denomination.
Relative size of coins

Banknotes

All banknotes are 130 × 65 mm in size. They were printed by Giesecke & Devrient GmbH in Germany and were designed by Imants Žodžiks and Valdis Ošiņš.^[15]

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 latu note was the world's third most valuable banknote after the $10,000 Singapore note and the 1,000 Swiss franc note.^[16][17]

See also

• Bank of Latvia


• Latvian euro coins


• Commemorative coins of Latvia


• Economy of Latvia

References

External links

• Central bank of Latvia


• Coins of Latvia at CISCoins.net


• 
  The pre euro banknotes of Latvia (in English) (in German)