| Local Name: | Latvijas lats |
| Local Name Lang: | lv |
| Image 1: | 1Lats salmon.png |
| Image Title 1: | The standard version of the Ls 1 coin depicted a salmon |
| Iso Code: | LVL |
| Using Countries: | None, previously: |
| Inflation Rate: | -0.4% |
| Inflation Source Date: | ECB,[1] April 2013 |
| Erm Since: | 2 May 2005[2] |
| Erm Fixed Rate Since: | 1 January 2005 |
| Euro Replace Non Cash: | 1 January 2014 |
| Euro Replace Cash: | 15 January 2014[3] |
| Erm Fixed Rate: | Ls 0.702804 (Irrevocable) |
| Subunit Name 1: | santīms |
| Symbol: | ℒ︁ |
| Symbol Comment: | (first lats) Ls (second lats) |
| Symbol Subunit 1: | s |
| Plural: | lati (nom. pl.) or latu (gen. pl.) |
| Plural Subunit 1: | santīmi (nom. pl.) or santīmu (gen. pl.) |
| Frequently Used Coins: | 1 s, 2 s, 5 s, 10 s, 20 s, 50 s, Ls 1, Ls 2 |
| Frequently Used Banknotes: | Ls 5, Ls 10, Ls 20, Ls 50, Ls 100 |
| Rarely Used Banknotes: | Ls 500 |
| Issuing Authority: | Bank of Latvia |
| Obsolete: | yes |
| Replaced Currency: | Latvian ruble (1 LVL = 200 LVR) |
| Replaced By Currency: | Euro (1 EUR = 0.702804 LVL) |
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[4] and was subdivided into 100 santīmi (singular: santīms; from French centime), abbreviated as an s after the santīm amount.[5]
The Latvian lats has been recognized as one of the 99 entries of the Latvian Culture Canon.[6]
The first lats (symbol: ℒ︁) was first introduced on 3 August 1922, replacing the first Latvian ruble at a rate of ℒ︁ 1 = Rbls 50.[7] 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 ℒ︁.[8] [9] However, as the pound still retained the standard, a link of sorts existed until 1940.[10]
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.[11]
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 ℒ︁ 1000. A part of the Latvian gold, silver and currency reserves were sent to Moscow at the start of the occupation.[12] [13]
Coins were issued in denominations of 1, 2, 5, 10, 20 and 50 santīmu, ℒ︁ 1, ℒ︁ 2 and ℒ︁ 5. The 1s, 2s and 5s were in bronze (Cu, Sn, Zn), the 10s, 20s and 50s were nickel, while coins of ℒ︁ 1 and above were struck in silver, with a purity of 83,5 percent.[14]
The Latvian Bank issued notes from 1922 in denominations of ℒ︁ 20, ℒ︁ 25, ℒ︁ 50, ℒ︁ 100 and ℒ︁ 500. They also issued ℒ︁ 10 notes which were 500 ruble notes overprinted with the new denomination. The government issued currency notes from 1925 in denominations of ℒ︁ 5, ℒ︁ 10 and ℒ︁ 20.
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.[19] With abolition of Maltese lira on 1 January 2008, 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.[20] It was gradually replaced in circulation from 1999 with the below bimetallic coin due to counterfeiting issues.[21]
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 | 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 | |||||||||
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.[22]
| Current Series | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Value in euros (€) | Main Colour | Description | |||
| Obverse | Reverse | 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[23] | Ornamental bronze crowns | |||