Latvian Lats

The lats (plural in Latvian: lati or latu (if the number is divisible by 10)) was the official currency of Latvia from October 1993 to December 31, 2013. One lat was divided into 100 santīmu (singular, santīms in Spanish Es Céntimos). The ISO 4217 code for this monetary unit was LVL and its abbreviation was Ls.

On January 1, 2014, Latvia adopted the euro as its new currency.

History

First lats, 1922-1940

The lats were first introduced in 1922, replacing the rublis with an exchange rate of 1 lats for 50 rubles. In 1940, Latvia joined the Soviet Union and the lats were replaced by the Soviet ruble at par.

Coins

Coins were minted in denominations of 1, 2, 5, 10, 20, 50 santīmu, 1, 2 and 5 lati. The 1, 2 and 5 santīmu coins were made of bronze, the 10, 20 and 50 santīmu coins were made of nickel, and the 1 lats and higher coins were made of silver.

Tickets

The Bank of Latvia issued banknotes since 1922 in denominations of 20, 25, 50, 100 and 500 latu. 10 latu notes printed on former 500 rubli notes were also issued. The government also issued banknotes since 1925 in denominations of 5, 10 and 20 latu.

Second lats, 1993-2013

The lats were reintroduced in 1993, replacing the rublis that were used during the short period of time from the country's independence from the USSR until 1993, with an exchange rate of 200 rublis per lats.

Coins

Coins of 1 santīms, 2, 5 santīmi, 10, 20, 50 santīmu, 1 lats and 2 lati have been minted. In addition, there are commemorative issues in denominations of 1, 2, 10, 20 and 100 latu minted in cupronickel, gold and silver.

Image	Denomination	Metal		Weight (g)	Diameter (mm)	Song	Reverse	Reversal
		Ring	Centre
	1 Santīms	Cu+Fe		1.60	15,65	Liso	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	1 SANTGMS
	2 Santīmi	Cu+Fe		1.90	17,00	Liso	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	2
	5 Santīmi	Nickel-Laton		2.50	18,50	Liso	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	5
	10 Santīmu	Nickel-Laton		3,25	19,90	Liso	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	10
	20 Santīmu	Nickel-Laton		4.00	21.50	Liso	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	20
	50 Santīmu	Cu+Ni		3.50	18,80	Striated	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	50 SANTGMU - Pine branches
	1 Lats	Cu+Ni		4.80	21.75	Liso LATVIJAS BANKA	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	1 LATS - Salmon
	2 Lati	Cu+Ni	Nickel-Laton	9.50	26.30	Liso LATVIJAS BANKA	Latvian Shield - LATVIJAS REPUBLIKA - Year of Collection	2 LATI - Vaca

Tickets

Denomination	Preferred color	Dimensions	Reverse	Reversal
5 Lati	Green	130 x 65 mm
10 Latu	Violeta	130 x 65 mm
20 Latu	Brown	130 x 65 mm
50 Latu	Blue	130 x 65 mm
100 Latu	Red	130 x 65 mm
500 Latu	Gris/Amarillo	130 x 65 mm

Euro

On January 1, 2005, the lats were pegged to the euro with an exchange rate of 0.702804 lats = 1 euro (with a fluctuation band of 1%). On May 2, 2005, the lats joined the ERM II, the exchange rate mechanism of the European Union, with a rate of 0.702804 lats = 1 euro with a fluctuation band of ± 15%.

On June 5, 2013, the European Commission proposed the entry of Latvia into the euro zone. On June 28, 2013, the heads of State and Government of the European Union approved this incorporation. Finally, On 9 July 2013, the EU Economic and Financial Affairs Council (ECOFIN) gave the green light to Latvia's entry into the euro area and set the irrevocable exchange rate at 0.702804 Latvian lats = 1 euro.

On January 1, 2014, Latvia adopted the euro as its new currency.