Latvian lats#Second lats, 1993–2013

File:Old five lats reverse.jpg coin, introduced on Christmas of 1929, became a popular symbol of independence during the Soviet era. The coin was designed by Rihards Zariņš.]]

File:20 latu Latvia 1935 avers.png

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.{{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}} 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.{{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.lsm.lv |language=en}}{{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}} However, as the pound still retained the standard, a link of sorts existed until 1940.{{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=The Economist|access-date=2018-07-08|language=en}}

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.{{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}}

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.{{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}}{{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=Bank of Latvia|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}}

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.{{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}}

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.

File:Euro exchange rate to LVL.svg

The lats was reintroduced on 5 March 1993,{{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}} replacing the Latvian ruble, which continued to circulate and kept validity until and including 30 June 1994{{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}} 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.{{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}} 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.{{Cite web |url=https://www.bank.lv/en/about-us/contacts/cashier-s-office |title=The Cashier's Office |publisher=Bank of Latvia |access-date=8 June 2020}}

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.{{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}} With the abolition of the Maltese lira on 1 January 2008, the lats became the most valued European currency.

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.[https://en.numista.com/catalogue/pieces4485.html 2 Lati] It was gradually replaced in circulation from 1999 with the below bimetallic coin due to counterfeiting issues.[https://web.archive.org/web/20160810085709/http://www.diena.lv/arhivs/divlatniekus-ar-govs-attelu-vairs-nedod-apgroziba-10388366 Divlatniekus ar govs attēlu vairs nedod apgrozībā]

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

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.{{Cite web |url=https://www.bank.lv/en/banknotes-and-coins/lats-banknotes-and-coins/banknotes |title=Banknotes of the Bank of Latvia |publisher=Bank of Latvia |access-date=2 January 2018}}

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

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• [http://www.bank.lv/ Central bank of Latvia]
• {{CISCoins|Latvia}}
• [http://www.bis-ans-ende-der-welt.net/Lettland-B-En.htm The pre-euro banknotes of Latvia] {{in lang|en|de}}
• [https://eng.lsm.lv/article/features/features/video-the-story-of-latvias-lats-currency.a351355/ Video: The story of Latvia's "lats" currency]. 11 March 2020. Public Broadcasting of Latvia.

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{{Currencies of post-Soviet states}}

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Category:1922 establishments in Latvia

Category:1993 establishments in Latvia

Category:2014 disestablishments in Latvia

Category:Currencies of Latvia

Category:Economy of Latvia

Category:Fixed exchange rate

Category:Currencies replaced by the euro