Latvian lats: Difference between revisions

Browse history interactively ← Previous editContent deleted Content addedVisual WikitextInline

Revision as of 07:56, 25 July 2010 editAnomieBOT (talk \| contribs)Bots6,589,709 editsm Replacing or removing deprecated unnamed parameter use in {{citation needed}} per request. Errors or discussion? Post a note here to stop the bot.← Previous edit		Latest revision as of 18:30, 13 October 2024 edit undoKepler-1229b (talk \| contribs)Extended confirmed users19,295 edits →Second lats, 1993–2013 Tag: Visual edit
(273 intermediate revisions by more than 100 users not shown)
Line 1:		Line 1:
			{{Short description\|Former currency of Latvia}}
	{{Infobox Currency \|
			{{Use dmy dates\|date=April 2022}}
	\| currency_name_in_local = Latvijas lats <small>{{lv icon}}</small>
			{{Infobox currency
			\| local_name = Latvijas lats
			\| local_name_lang = lv
	\| image_1 = 1Lats salmon.png		\| image_1 = 1Lats salmon.png
	\| image_title_1 = The standard version of 1 ~~lats~~ coin ~~bears~~ a salmon		\| image_title_1 = The standard version of the Ls 1 coin depicted a salmon
	\| iso_code = LVL		\| iso_code = LVL
	\| using_countries = {{LVA}}		\| using_countries = None, previously:<br>{{LVA}}
	\| inflation_rate = 10.1%		\| inflation_rate = -0.4%
			\| inflation_source_date = ECB,<ref>{{cite web\|url=http://www.ecb.int/stats/prices/hicp/html/inflation.en.html \|title=ECB: Inflation and the euro \|publisher=] \|access-date=2014-06-09}}</ref> April 2013
	\| inflation_source_date = '''', 2007 est.
			\| ERM_since = 2 May 2005<ref>{{cite web\|url=http://www.ecb.int/press/pr/date/2005/html/pr050502.en.html \|title=ECB: Euro central rates and compulsory intervention rates in ERM II \|date=2 May 2005 \|publisher=] \|access-date=2014-06-09}}</ref>
	\| ERM_since = 2 May 2005
	\| ERM_fixed_rate_since = 1 January 2005		\| ERM_fixed_rate_since = 1 January 2005
			\| euro_replace_non_cash = 1 January 2014
	\| euro_replace_cash = 2014-2018<ref>http://www.baltic-course.com/eng/finances/?doc=22518</ref>
			\| euro_replace_cash = 15 January 2014<ref name="euro">{{cite web\|last=Eglitis \|first=Aaron \|url=https://www.bloomberg.com/news/2013-07-09/latvia-wins-final-eu-approval-to-adopt-euro-on-jan-1-next-year.html \|title=Latvia Wins Final EU Approval to Adopt Euro on Jan. 1 Next Year \|publisher=Bloomberg \|date=2013-07-09 \|access-date=2014-06-09}}</ref>
	\| ERM_fixed_rate = Ls 0.702804
			\| ERM_fixed_rate = Ls 0.702804 (Irrevocable)
	\| ERM_band = pegged in practice{{Fact\|reason=http://www.ecb.eu/stats/exchange/eurofxref/html/eurofxref-graph-lvl.en.html shows slight fluctuations\|date=May 2009}}, 15% ''de jure''
	\| subunit_ratio_1 = 1/100		\| subunit_ratio_1 = {{frac\|1\|100}}
	\| subunit_name_1 = santīms		\| subunit_name_1 = santīms
	\| symbol = ~~Ls (before numerals)~~		\| symbol = ℒ︁𝓈
			\| symbol_comment = (first lats) Ls (second lats)
	\| symbol_subunit_1 = s (after numerals)
			\| symbol_subunit_1 = s
	\| plural = ''lati'' (nom. pl.) ] ''latu'' (gen. pl.)
			\| plural = ''lati'' (]) or ''latu'' (gen. pl.)
	\| plural_subunit_1 = ''santīmi'' (nom. pl.) ] ''santīmu'' (gen. pl.)		\| plural_subunit_1 = ''santīmi'' (nom. pl.) ] ''santīmu'' (gen. pl.)
	\| ~~used_coins~~ = 1, 2, 5, 10, 20, 50 ~~santīmu~~, 1, 2 ~~lati~~		\| frequently_used_coins = 1 s, 2 s, 5 s, 10 s, 20 s, 50 s, Ls 1, Ls 2
	\| ~~used_banknotes~~ = 5, 10, 20, 50, ~~100,~~ ~~500 latu~~		\| frequently_used_banknotes = Ls 5, Ls 10, Ls 20, Ls 50, Ls 100
			\| rarely_used_banknotes = Ls 500
	\| issuing_authority = ]		\| issuing_authority = ]
	\| issuing_authority_website = www.bank.lv		\| issuing_authority_website = {{URL\|www.bank.lv}}
			\| obsolete = yes
			\| replaced_currency = ] (1 LVL = 200 LVR)
			\| replaced_by_currency = ] (1 EUR = 0.702804 LVL)
	}}		}}

			The Latvian '''lats''' (plural: ''lati'', plural genitive: ''latu'', second Latvian lats ] currency code: LVL) was the ] of ] from 1922 until 1940 and from 1993 until it was ] on 1 January 2014. A two-week transition period during which the lats was in circulation alongside the ] ended on 14 January 2014.<ref name="euro" /> The lats is abbreviated as ''Ls''<ref name="lb">{{cite web \|title=2 lats (Ls 2 in short) \|url=https://www.bank.lv/en/about-us/5697-2-lats-ls-2-in-short-1 \|publisher=] \|access-date=5 November 2022}}</ref> and was subdivided into 100 ''santīmi'' (singular: ''santīms''; from ] '']''), abbreviated as an ''s'' after the santīm amount.<ref name="lb2">{{cite web \|title=1 santims (1 s in short) \|url=https://www.bank.lv/en/about-us/news/560-money/2670-1-santims-1-s-in-short \|publisher=Latvijas Banka\|access-date=5 November 2022}}</ref>
	:''For common abbreviations, see ]''
	The '''lats''' (plural: ''lati'', ] currency code: LVL or 428) is the ] of ]. It is abbreviated as ''Ls''. The lats is sub-divided into 100 ''santīmi'' (singular: ''santīms'' , plural also ''santīmi''; from ] '']'').

			The Latvian lats has been recognized as one of the 99 entries of the ].<ref>{{Cite web\|title=Latvian National Currency – the Lats\|url=https://kulturaskanons.lv/en/archive/latvijas-nauda/\|publisher=]\|language=en-US\|access-date=2020-05-06}}</ref>
	==First lats, 1922–1940==
	].]]
	The lats was first introduced in 1922, replacing the ] at a rate of 1 lats = 50 rubļi. In 1940, Latvia was incorporated into the ] and the lats was replaced by the ] at par.

			==First lats, 1922–1940==
	===Coins===
			] coin, introduced on Christmas of 1929, became a popular symbol of independence during the Soviet era. The coin was designed by ].]]
			]
			The first lats (symbol: ℒ︁𝓈) was first introduced on 3 August 1922, replacing the first ] at a rate of ℒ︁𝓈 1 = Rbls 50.<ref name=ducmane147>{{cite book \|author=Kristīne Ducmane, Anda Ozoliņa \|title=Naudas Laiki Latvijā \|publisher=Lauku Avīze \|language=lv \|page=147 \|date=2013 \|isbn=978-9984-878-84-3}}</ref> The lats was pegged against the ] from its introduction until 28 September 1936, when it was pegged against the ] at a rate of 1 £ = 25,22 ℒ︁𝓈.<ref>{{Cite web \|date=2020-03-11 \|title=Video: The story of Latvia's "lats" currency \|url=https://eng.lsm.lv/article/features/features/video-the-story-of-latvias-lats-currency.a351355/ \|access-date=2023-12-04 \|website=eng.] \|language=en}}</ref><ref>{{Cite web \|last=Ducmane \|first=Kristīne \|title=Sava nauda savā Latvijas Bankā II - LV portāls \|url=https://lvportals.lv/norises/182548-sava-nauda-sava-latvijas-banka-ii-2008 \|access-date=2023-12-04 \|website=lvportals.lv \|language=lv}}</ref> However, as the pound still retained the standard, a link of sorts existed until 1940.<ref>{{Cite news\|url=https://www.economist.com/news/2013/11/18/lat-it-be\|title=Lat it be\|last=Lucas\|first=Edward\|date=2013-11-18\|newspaper=]\|access-date=2018-07-08\|language=en}}</ref>

			On 17 June 1940, ] by the ]. After the dismantling of the ] and its replacement with the Latvia Republican Office of the ] on 10 October, the ] was introduced alongside the lats on 25 November 1940 at par, although the real monetary value of the ruble was about a third of the lats. 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.<ref>{{Cite news\|url=https://lvportals.lv/norises/183198-sava-nauda-sava-latvijas-banka-iv-2008\|title=Sava nauda savā Latvijas Bankā IV\|website=lvportals.lv\|access-date=2018-07-08\|language=lv}}</ref>
	Coins were issued in denominations of 1, 2, 5, 10, 20 & 50 santīmu, 1, 2 & 5 lati. The 1, 2 & 5 santīmu were in bronze, the 10, 20 & 50 santīmu were nickel, while coins of 1 lats & above were in silver.

	{{clear}}
			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 ℒ︁𝓈 1000. A part of the Latvian gold, silver and currency reserves were sent to Moscow at the start of the occupation.<ref>{{Cite web\|url=http://www.eiro.lv/en/media/media-kit/history-of-money-in-latvia\|title=History of money in Latvia\|website=eiro.lv\|access-date=2018-07-08}}</ref><ref>{{Cite web\|url=https://www.bank.lv/en/your-profile/media/press-releases/562-about-the-bank-of-latvia/2609-history-of-the-bank-of-latvia\|title=History of the Bank of Latvia\|publisher=]\|language=en-gb\|access-date=2018-07-08\|archive-date=9 February 2021\|archive-url=https://web.archive.org/web/20210209101406/https://www.bank.lv/en/your-profile/media/press-releases/562-about-the-bank-of-latvia/2609-history-of-the-bank-of-latvia\|url-status=dead}}</ref>
	]

			===Coins===
			Coins were issued in ]s of 1, 2, 5, 10, 20 and 50 santīmu, ℒ︁𝓈 1, ℒ︁𝓈 2 and ℒ︁𝓈 5. The 1s, 2s and 5s were in ] (], ], ]), the 10s, 20s and 50s were ], while coins of ℒ︁𝓈 1 and above were struck in ], with a ] of 83,5 percent.<ref name=ducmane163>{{cite book \|author=Kristīne Ducmane, Anda Ozoliņa \|title=Naudas Laiki Latvijā \|publisher=Lauku Avīze \|language=lv \|page=163 \|date=2013 \|isbn=978-9984-878-84-3}}</ref>

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

	{{clear}}

			== Second lats, 1993–2013 <span class="anchor" id="LVL"></span>==
			]
			The lats was reintroduced on 5 March 1993,<ref name=Vecins79>{{Cite book \|author=Ēvalds Vēciņš, Dzintars Rubenis, Gunārs Rolands Grīns \|title=Nauda Latvijā XX gadsimtā : Katalogs I daļa 2. sējums. \|language=lv \|publisher=Zvaigzne \|location=Riga \|page=79 \|year=2002 \|isbn=9984223450 \|oclc=45699853}}</ref> replacing the ], which continued to circulate and kept validity until and including 30 June 1994<ref name=Vecins81>{{Cite book \|author=Ēvalds Vēciņš, Dzintars Rubenis, Gunārs Rolands Grīns \|title=Nauda Latvijā XX gadsimtā : Katalogs I daļa 2. sējums. \|language=lv \|publisher=Zvaigzne \|location=Riga \|page=81 \|year=2002 \|isbn=9984223450 \|oclc=45699853}}</ref> at a rate of LR 200 being equivalent to Ls 1. The Ls 5 banknote was introduced first, and the last banknote to be introduced was the Ls 500 banknote on 20 July 1998.<ref name=Vecins61>{{Cite book \|author=Ēvalds Vēciņš, Dzintars Rubenis, Gunārs Rolands Grīns \|title=Nauda Latvijā XX gadsimtā : Katalogs I daļa 2. sējums. \|language=lv \|publisher=Zvaigzne \|location=Riga \|page=61 \|year=2002 \|isbn=9984223450 \|oclc=45699853}}</ref> The lats was replaced on 1 January 2014 by the ], at the rate of Ls 0.702804 to €1. The second lats can be exchanged to euros at the official rate at the Bank of Latvia's cashier's office in Riga.<ref>{{Cite web \|url=https://www.bank.lv/en/about-us/contacts/cashier-s-office \|title=The Cashier's Office \|publisher=] \|access-date=8 June 2020}}</ref>

			Until the end of its circulation in January 2014, the lats was the fourth highest-valued currency unit per face value, after the ], ], and the ]. The Ls 500 note was the world's third most valuable banknote after the $10,000 Brunei/] note and the 1,000 ] note.<ref>{{cite web\|last=Karaian \|first=Jason \|url=http://qz.com/162498/one-the-most-valuable-banknotes-in-the-world-is-about-to-vanish \|title=One of the most valuable banknotes in the world is about to vanish \|publisher=Quartz \|date=2013-12-31 \|access-date=2014-06-09}}</ref> With the abolition of the ] on 1 January 2008, the lats became the most valued European currency.
	==Second lats, 1993–==
	The lats was reintroducted in 1993, replacing the ], which was used for a short period after Latvia regained its independence, at a rate of 1 lats = 200 rubļu.

	===Coins===		===Coins===
	Coins ~~are~~ issued in denominations of 1 ~~santīms~~, 2 & 5 ~~santīmi,~~ 10, 20 & 50 ~~santīmu,~~ as ~~well~~ as 1 ~~lats~~ and 2 ~~lati.~~ ~~Also~~, ~~there~~ ~~are~~ commemorative coins in denominations of 2, 10, 20, 100 ~~latu~~ ~~made~~ of ~~gold~~ and ~~silver~~.		Coins were issued in denominations of 1s, 2s, 5s, 10s, 20s and 50s, Ls 1 and Ls 2. Besides standard coins in the list below and ], the following coins were also issued: three commemorative circulation coins were issued in denominations of Ls 2, Ls 10 and Ls 100 (the latter two of which were, respectively, silver and gold), a Ls 100 gold ], and a series of limited design Ls1 coins twice a year from 2004 to 2013, and once in 2001 and 2003.

			The initial standard Ls 2 coin was issued only once in 1992, it was a ] coin of 6g and measured 24.35mm in diameter.<ref></ref> It was gradually replaced in circulation from 1999 with the below bimetallic coin due to counterfeiting issues.<ref></ref>
	{{clear}}

	===Banknotes===
			The standard coins were designed by ] and ].

	{\|class="wikitable" style="font-size: 90%"		{\|class="wikitable" style="font-size: 90%"
	!colspan="6"\| Current Series
	\|-		\|-
			!colspan="9"\| Current standard series
	!colspan="2"\| Image !!rowspan="2"\| Value !!rowspan="2"\| Main Colour !!colspan="2"\| Description
			\|-
			! Image !! Value !! Value in euros (€) !! Composition !! Diameter !! Weight !! Edge !! Issued !! Description
			\|- {{Coin-copper-color}}style="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| 1 s
			\| €0.014
			\| copper-clad iron
			\| 15.65 mm
			\| 1.60 g
			\| rowspan="2" \| Smooth
			\| 1992, 1997, 2003, 2005, 2007, 2008
			\| rowspan="2" style="text-align:left" \| Obverse: The small ], inscription LATVIJAS REPUBLIKA and the date of issue.<br/>Reverse: denomination, ethnographic sun ornaments joined by five arches symbolizing a day of work.
			\|- {{Coin-copper-color}}style="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| 2 s
			\| €0.028
			\| copper-clad iron
			\| 17.00 mm
			\| 1.90 g
			\| 1992, 2000, 2006, 2007, 2009
			\|- {{Coin-yellow-color}}style="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| 5 s
			\| €0.071
			\| ] alloy
			\| 18.50 mm
			\| 2.50 g
			\| rowspan="3" \|Smooth
			\| 1992, 2006, 2007, 2009
			\| rowspan="3" \|Obverse: The small ], inscription LATVIJAS REPUBLIKA and the date of issue.<br />Reverse: denomination, ethnographic sun ornaments joined by five arches symbolizing a day of work.
			\|- {{Coin-yellow-color}}sstyle="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| 10 s
			\| €0.142
			\| copper / nickel / zinc alloy
			\| 19.90 mm
			\| 3.25 g
			\| 1992, 2008
			\|- {{Coin-yellow-color}}sstyle="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| 20 s
			\| €0.285
			\| copper / nickel / zinc alloy
			\| 21.50 mm
			\| 4.00 g
			\| 1992, 2007, 2009
			\|- {{Coin-silver-color}}sstyle="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| 50 s
			\| €0.711
			\| copper / nickel alloy
			\| 18.80 mm
			\| 3.50 g
			\| Reeded
			\| 1992, 2007, 2009
			\|style="text-align:left"\| Obverse: The small ], inscription LATVIJAS REPUBLIKA and the date of issue.<br/>Reverse: ] sapling, which symbolizes Latvian forests and the denomination, separated by a horizontal line.<br/>Edge: reeded.
			\|- {{Coin-silver-color}}style="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| Ls 1
			\| €1.423
			\| copper / nickel alloy
			\| 21.75 mm
			\| 4.80 g
			\| Plain and lettering: LATVIJAS BANKA ♦ LATVIJAS BANKA ♦
			\| 1992, 2007, 2008
			\|style="text-align:left"\| Obverse: The large ], inscription LATVIJAS REPUBLIKA and the date of issue.<br/>Reverse: leaping ], which symbolizes the waters of Latvia, and denomination.
			\|-{{Coin-silver-color}} style="text-align:center"
			\| style="background:white;text-align:center" \| ]
			\| Ls 2
			\| €2.846
			\| Inner: copper / nickel / zinc alloy<br/>Outer: copper / nickel alloy
			\| 26.30 mm<br/>(inner: 18.21 mm)
			\| 9.50 g<br/>(inner: 4.50 g, ring: 5.00 g)
			\| Reeded and lettering: LATVIJAS BANKA ♦ LATVIJAS BANKA ♦
			\| 1999, 2003, 2009
			\|style="text-align:left"\| Obverse: The large ], and on the ring inscription LATVIJAS REPUBLIKA and the date of issue.<br/>Reverse: A ], which symbolizes the Latvian countryside, and denomination.
			\|-
			!colspan=9\| Relative size of coins
			\|- style="text-align:center"
			\|colspan=9\|
			]
			]
			]
			]
			]
			]
			]
			]
			\|}

			===Banknotes===
			All banknotes are 130 × 65 mm in size. They were printed by ] GmbH in Germany and were designed by Imants Žodžiks and Valdis Ošiņš.<ref>{{Cite web \|url=https://www.bank.lv/en/banknotes-and-coins/lats-banknotes-and-coins/banknotes \|title=Banknotes of the Bank of Latvia \|publisher=] \|access-date=2 January 2018}}</ref>
			{\|class="wikitable" style="font-size: 90%"
			\|-
			!colspan="8"\| Current Series
			\|-
			!colspan="2"\| Image !!rowspan="2"\| Value!!rowspan="2"\| Value in euros (€)!!rowspan=2\| Main Colour !!colspan="2"\| Description
	\|-		\|-
	! Obverse !! Reverse !! Obverse !! Reverse		! Obverse !! Reverse !! Obverse !! Reverse
	\|-		\|-
			\|]
	\|
			\|]
	\|
			\| Ls 5
	\| 5 lati
			\| €7.11
	\| Green		\| Green
	\| Oak tree		\| Oak tree, sun ornament background
			\| Woodcarving of a sun on a ]
	\|
	\|-		\|-
			\|]
	\|
			\|]
	\|
	\| 10 ~~latu~~		\| Ls 10
			\| €14.23
	\| Purple		\| Purple
	\| ]		\| Bends of the ] (''Daugavas loki)''
			\| Latvian ] (''sakta'')
	\| Sakt
	\|-		\|-
			\|]
	\|
			\|]
	\|
	\| 20 ~~latu~~		\| Ls 20
			\| €28.46
	\| Brownish-Green
			\| Brown
	\| Traditional house
			\| Traditional homestead
	\|
			\| Woven ] (''dreļļu'' pattern)
	\|-		\|-
			\|]
	\|
			\|]
	\|
	\| 50 ~~latu~~		\| Ls 50
			\| €71.14
	\| Blue		\| Blue
	\| Sailing-ship		\| Sailing-ship
			\| Keys (Historical seal of ]), Riga fortifications map
	\| Keys
	\|-		\|-
			\|]
	\|
			\|]
	\|
	\| 100 ~~Latu~~		\| Ls 100
			\| €142.29
	\| Red		\| Red
	\| ]		\| ]
			\| ] (''Lielvārdes josta'')
	\|
	\|-		\|-
			\|]
	\|
			\|]
	\|
	\| 500 ~~Latu~~		\| Ls 500
			\| €711.44
	\| Brown
			\| Grey
	\| Latvian folk-maid
			\| Latvian folk-maid<ref group=note>Similar to the 1929 silver five lats coin.</ref>
	\|
			\| Ornamental bronze crowns
	\|}		\|}

	==Euro==
	Latvia has been a member of the ] since 1 May 2004 and is a member of the ], but it has not completed the third stage of the ]. The lats is in ], and floats within 1% of the central rate, Ls 0.702804 = €1. Latvia had originally planned to adopt the ] as its official currency on 1 January 2008. It is now expected that Latvia will introduce the euro in 2012 at the earliest,<ref>{{cite news \|title= Don’t look for the Euro until after 2012 \| url= http://www.neurope.eu/view_news.php?id=76779 \| publisher=New Europe \| date=2007-08-18 \| accessdate=2007-12-27}}</ref> although the head of the ] has suggested that 2013 may be a more realistic date.<ref>{{cite web \| url=http://www.baltictimes.com/news/articles/19151/ \|title=Bank targets 2013 as Latvia’s ‘E-day’ \| date=2007-10-26 \| publisher=baltictimes.com \| accessdate=2007-10-28}}</ref>

	{{Exchange Rate\|LVL\|LTL\|EEK}}

	Other updated currency rates: . The lats is the fourth-] after the ], ], and the ]. The 500-Latu note is the world's second most valuable banknote next to the $10,000 ].

	- Latvian currency exchange market comparison.

	==See also==		==See also==
			{{Portal\|Latvia\|Money\|Numismatics}}
			* ]
	* ]		* ]
			* ]
	* ]		* ]

			== Notes ==
			{{reflist\|group=note}}

	==References==		==References==
Line 117:		Line 231:

	== External links ==		== External links ==
	*		*
			* {{CISCoins\|Latvia}}
	*
			* {{in lang\|en\|de}}
			* . 11 March 2020. ].

	{{Euro topics}}		{{Euro topics}}
	{{Currencies of Europe}}
	{{Currencies of post-Soviet states}}		{{Currencies of post-Soviet states}}
			{{Currency signs}}

			{{DEFAULTSORT:Latvian Lats}}
			]
			]
			]
	]		]
	]		]
	]		]
			]

	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]
	]

Latest revision as of 18:30, 13 October 2024

Former currency of Latvia

Latvian lats
Latvijas lats (Latvian)
The standard version of the Ls 1 coin depicted a salmon
ISO 4217
Code	LVL
Unit
Plural	lati (nom. pl.) or latu (gen. pl.)
Symbol	ℒ︁𝓈‎ (first lats) Ls (second lats)
Denominations
Subunit
1⁄100	santīms
Plural
santīms	santīmi (nom. pl.) or santīmu (gen. pl.)
Symbol
santīms	s
Banknotes
Freq. used	Ls 5, Ls 10, Ls 20, Ls 50, Ls 100
Rarely used	Ls 500
Coins
Freq. used	1 s, 2 s, 5 s, 10 s, 20 s, 50 s, Ls 1, Ls 2
Demographics
Replaced	Latvian ruble (1 LVL = 200 LVR)
Replaced by	Euro (1 EUR = 0.702804 LVL)
User(s)	None, previously: Latvia
Issuance
Central bank	Bank of Latvia
Website	www.bank.lv
Valuation
Inflation	-0.4%
Source	ECB, April 2013
EU Exchange Rate Mechanism (ERM)
Since	2 May 2005
Fixed rate since	1 January 2005
Replaced by euro, non cash	1 January 2014
Replaced by euro, cash	15 January 2014
1 € =	Ls 0.702804 (Irrevocable)
This infobox shows the latest status before this currency was rendered obsolete.

The Latvian lats (plural: lati, plural genitive: latu, second Latvian lats ISO 4217 currency code: LVL) was the currency of Latvia from 1922 until 1940 and from 1993 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. The lats is abbreviated as Ls and was subdivided into 100 santīmi (singular: santīms; from French centime), abbreviated as an s after the santīm amount.

The Latvian lats has been recognized as one of the 99 entries of the Latvian Culture Canon.

First lats, 1922–1940

The first lats (symbol: ℒ︁𝓈) was first introduced on 3 August 1922, replacing the first Latvian ruble at a rate of ℒ︁𝓈 1 = Rbls 50. The lats was pegged against the gold standard from its introduction until 28 September 1936, when it was pegged against the British pound sterling at a rate of 1 £ = 25,22 ℒ︁𝓈. However, as the pound still retained the standard, a link of sorts existed until 1940.

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 ruble was about a third of the lats. 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.

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 ℒ︁𝓈 1000. A part of the Latvian gold, silver and currency reserves were sent to Moscow at the start of the occupation.

Coins

Coins were issued in denominations of 1, 2, 5, 10, 20 and 50 santīmu, ℒ︁𝓈 1, ℒ︁𝓈 2 and ℒ︁𝓈 5. The 1s, 2s and 5s were in bronze (Cu, Sn, Zn), the 10s, 20s and 50s were nickel, while coins of ℒ︁𝓈 1 and above were struck in silver, with a purity of 83,5 percent.

Banknotes

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

Second lats, 1993–2013

The lats was reintroduced on 5 March 1993, replacing the Latvian ruble, which continued to circulate and kept validity until and including 30 June 1994 at a rate of LR 200 being equivalent to Ls 1. The Ls 5 banknote was introduced first, and the last banknote to be introduced was the Ls 500 banknote on 20 July 1998. The lats was replaced on 1 January 2014 by the euro, at the rate of Ls 0.702804 to €1. The second lats can be exchanged to euros at the official rate at the Bank of Latvia's cashier's office in Riga.

Until the end of its circulation in January 2014, the lats was the fourth highest-valued currency unit per face value, after the Kuwaiti dinar, Bahraini dinar, and the Omani rial. The Ls 500 note was the world's third most valuable banknote after the $10,000 Brunei/Singaporean dollar note and the 1,000 Swiss franc note. With the abolition of the Maltese lira on 1 January 2008, the lats became the most valued European currency.

Coins

Coins were issued in denominations of 1s, 2s, 5s, 10s, 20s and 50s, Ls 1 and Ls 2. Besides standard coins in the list below and coins for collectors, the following coins were also issued: three commemorative circulation coins were issued in denominations of Ls 2, Ls 10 and Ls 100 (the latter two of which were, respectively, silver and gold), a Ls 100 gold bullion coin, and a series of limited design Ls1 coins twice a year from 2004 to 2013, and once in 2001 and 2003.

The initial standard Ls 2 coin was issued only once in 1992, it was a copper-nickel coin of 6g and measured 24.35mm in diameter. It was gradually replaced in circulation from 1999 with the below bimetallic coin due to counterfeiting issues.

The standard coins were designed by Gunārs Lūsis and Jānis Strupulis.

Current standard series
Image	Value	Value in euros (€)	Composition	Diameter	Weight	Edge	Issued	Description
	1 s	€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 s	€0.028	copper-clad iron	17.00 mm	1.90 g	Smooth	1992, 2000, 2006, 2007, 2009
	5 s	€0.071	copper / nickel / zinc alloy	18.50 mm	2.50 g	Smooth	1992, 2006, 2007, 2009	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.
	10 s	€0.142	copper / nickel / zinc alloy	19.90 mm	3.25 g		1992, 2008
	20 s	€0.285	copper / nickel / zinc alloy	21.50 mm	4.00 g		1992, 2007, 2009
	50 s	€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 the denomination, separated by a horizontal line. Edge: reeded.
	Ls 1	€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.
	Ls 2	€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 the 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.

Current Series
Image		Value	Value in euros (€)	Main Colour	Description
Obverse	Reverse	Value	Value in euros (€)	Main Colour	Obverse	Reverse
		Ls 5	€7.11	Green	Oak tree, sun ornament background	Woodcarving of a sun on a distaff
		Ls 10	€14.23	Purple	Bends of the River Daugava (Daugavas loki)	Latvian brooch (sakta)
		Ls 20	€28.46	Brown	Traditional homestead	Woven linen (dreļļu pattern)
		Ls 50	€71.14	Blue	Sailing-ship	Keys (Historical seal of Riga), Riga fortifications map
		Ls 100	€142.29	Red	Krišjānis Barons	Lielvārde Belt (Lielvārdes josta)
		Ls 500	€711.44	Grey	Latvian folk-maid	Ornamental bronze crowns

Notes

Similar to the 1929 silver five lats coin.

References

"ECB: Euro central rates and compulsory intervention rates in ERM II". European Central Bank. 2 May 2005. Retrieved 9 June 2014.
"ECB: Inflation and the euro". European Central Bank. Retrieved 9 June 2014.
^ Eglitis, Aaron (9 July 2013). "Latvia Wins Final EU Approval to Adopt Euro on Jan. 1 Next Year". Bloomberg. Retrieved 9 June 2014.
"2 lats (Ls 2 in short)". Latvijas Banka. Retrieved 5 November 2022.
"1 santims (1 s in short)". Latvijas Banka. Retrieved 5 November 2022.
"Latvian National Currency – the Lats". Latvian Culture Canon. Retrieved 6 May 2020.
Kristīne Ducmane, Anda Ozoliņa (2013). Naudas Laiki Latvijā (in Latvian). Lauku Avīze. p. 147. ISBN 978-9984-878-84-3.
"Video: The story of Latvia's "lats" currency". eng.lsm.lv. 11 March 2020. Retrieved 4 December 2023.
Ducmane, Kristīne. "Sava nauda savā Latvijas Bankā II - LV portāls". lvportals.lv (in Latvian). Retrieved 4 December 2023.
Lucas, Edward (18 November 2013). "Lat it be". The Economist. Retrieved 8 July 2018.
"Sava nauda savā Latvijas Bankā IV". lvportals.lv (in Latvian). Retrieved 8 July 2018.
"History of money in Latvia". eiro.lv. Retrieved 8 July 2018.
"History of the Bank of Latvia". Bank of Latvia. Archived from the original on 9 February 2021. Retrieved 8 July 2018.
Kristīne Ducmane, Anda Ozoliņa (2013). Naudas Laiki Latvijā (in Latvian). Lauku Avīze. p. 163. ISBN 978-9984-878-84-3.
Ēvalds Vēciņš, Dzintars Rubenis, Gunārs Rolands Grīns (2002). Nauda Latvijā XX gadsimtā : Katalogs I daļa 2. sējums (in Latvian). Riga: Zvaigzne. p. 79. ISBN 9984223450. OCLC 45699853.{{cite book}}: CS1 maint: multiple names: authors list (link)
Ēvalds Vēciņš, Dzintars Rubenis, Gunārs Rolands Grīns (2002). Nauda Latvijā XX gadsimtā : Katalogs I daļa 2. sējums (in Latvian). Riga: Zvaigzne. p. 81. ISBN 9984223450. OCLC 45699853.{{cite book}}: CS1 maint: multiple names: authors list (link)
Ēvalds Vēciņš, Dzintars Rubenis, Gunārs Rolands Grīns (2002). Nauda Latvijā XX gadsimtā : Katalogs I daļa 2. sējums (in Latvian). Riga: Zvaigzne. p. 61. ISBN 9984223450. OCLC 45699853.{{cite book}}: CS1 maint: multiple names: authors list (link)
"The Cashier's Office". Bank of Latvia. Retrieved 8 June 2020.
Karaian, Jason (31 December 2013). "One of the most valuable banknotes in the world is about to vanish". Quartz. Retrieved 9 June 2014.
2 Lati
Divlatniekus ar govs attēlu vairs nedod apgrozībā
"Banknotes of the Bank of Latvia". Bank of Latvia. Retrieved 2 January 2018.

External links

Central bank of Latvia
Coins of Latvia at CISCoins.net
The pre-euro banknotes of Latvia (in English and German)
Video: The story of Latvia's "lats" currency. 11 March 2020. Public Broadcasting of Latvia.

Euro topics

General

Administration

Fiscal provisions

Economy

International status

Denominations

Coins	1c 2c 5c 10c 20c 50c €1 €2 €2 commemorative coins Other commemorative coins Identifying marks Starter kits Europa coin programme Euro mint
Banknotes	€5 €10 €20 €50 €100 €200 €500

Coins by country with minting rights

Eurozone	Austria Belgium Croatia Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain
Monetary agreement with EU	Andorra Monaco San Marino Vatican City

Non-EU territories
using euro per agreement
without minting rights

Potential adoption by
other countries

Countries and territories
using euro unilaterally

Other extant EU currencies

ERM II	Bulgarian lev Danish krone
Other	Czech koruna Hungarian forint Polish złoty Romanian leu Swedish krona

History

General	"Snake in the tunnel" European Monetary System I ECU II ERM III EMU European Monetary Cooperation Fund Delors Committee European Monetary Institute Enlargement Black Wednesday European debt crisis Withdrawal
Previous EU members and euro	United Kingdom
Preceding currencies	European Currency Unit Austrian schilling Belgian franc Croatian kuna Cypriot pound Dutch guilder Estonian kroon Finnish markka French franc German Mark Greek drachma Irish pound Italian lira Latvian lats Lithuanian litas Luxembourg franc Maltese lira Monégasque franc Portuguese escudo Sammarinese lira Slovak koruna Slovenian tolar Spanish peseta Vatican lira
Former fiscal provisions	European Financial Stability Facility European Financial Stabilisation Mechanism

v t e Currencies of post-Soviet states
Current	Abkhazian apsar* Armenian dram Azerbaijani manat Belarusian ruble Euro Estonia, Latvia and Lithuania Georgian lari Kazakhstani tenge Kyrgyz som Moldovan leu Russian ruble Russia, Abkhazia* and South Ossetia* South Ossetian zarin* Tajikistani somoni Transnistrian ruble* Turkmen manat Ukrainian hryvnia Uzbekistani sum
Obsolete	Artsakh dram* Chechen naxar* Estonian kroon Georgian kuponi Latvian ruble Latvian lats Lithuanian litas Lithuanian talonas Moldovan cupon Soviet ruble Tajikistani ruble Ukrainian karbovanets
* Unrecognized

v t e Currency symbols
Circulating	؋ ฿ ₵ ₡ ¢ $ ₫ ֏ ₼ € ƒ F ₲ ₴ ₭ ₾ £ ₦ ₱ 元 ﷼ ៛ ₽ ₹ रू රු ૱ ௹ ꠸ Rs ₪ C ৳ ₺ ₸ ₮ ₩ ¥ 円
Obsolete and historical	₳ Դր. ₢$ ₰ ₯ ₠ ₤ ℒ𝓈 ₶ ₥ ℳ Pts ℛℳ ₷ 𐆚 𐆙 𐆗 𐆘
Cryptocurrency	₿
Generic placeholder	¤

Categories:

Latest revision as of 18:30, 13 October 2024

First lats, 1922–1940

Coins

Banknotes

Second lats, 1993–2013

Coins

Banknotes

See also

Notes

References

External links