Latvian lats: Difference between revisions - Wikipedia
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{{Short description|Former currency of Latvia}}
{{Use dmy dates|date=FebruaryApril 20212022}}
{{Infobox Currency currency
| currency_name_in_locallocal_name = Latvijas lats <small>{{in lang|lv}}</small>
| local_name_lang = lv
| image_1 = 1Lats salmon.png
| image_title_1 = The standard version of the Ls 1 lats coin boredepicted a salmon
| iso_code = LVL
| using_countries = None, previously:<br>{{LVA}}
| 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=[[European Central Bank]] |access-date=2014-06-09}}</ref> April 2013
| 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=[[European Central Bank]] |access-date=2014-06-09}}</ref>
| ERM_fixed_rate_since = 1 January 2005
| euro_replace_non_cash = 1 January 2014
| euro_replace_cash = 115 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 (Irrevocable)
| subunit_ratio_1 = {{frac|1/|100}}
| subunit_name_1 = santīms
| symbol = Ls (before numerals)ℒ︁𝓈
| symbol_comment = (first lats) Ls (second lats)
| symbol_subunit_1 = s (after numerals)
| plural = ''lati'' (nom. pl.) [[Latvian grammar#Noun modification by numeral|ornom. pl.]]) or ''latu'' (gen. pl.)
| plural_subunit_1 = ''santīmi'' (nom. pl.) [[Latvian grammar#Noun modification by numeral|or]] ''santīmu'' (gen. pl.)
| frequently_used_coins = 1 s, 2 s, 5 s, 10 s, 20 s, 50 s, Ls 1, Ls 2
| used_coins =
| frequently_used_coinsfrequently_used_banknotes = 10Ls 5, 20Ls 10, 50Ls santīmu20, 1Ls 50, 2Ls lati100
| rarely_used_banknotes = 500Ls latu500▼
| rarely_used_coins = 1, 2, 5 santīmu{{citation needed|reason=At what point in time?|date=December 2017}}
| used_banknotes =
| frequently_used_banknotes = 5, 10, 20, 50, 100 latu{{citation needed|reason=At what point in time?|date=December 2017}}
▲| rarely_used_banknotes = 500 latu
| issuing_authority = [[Bank of Latvia]]
| issuing_authority_website = {{URL|www.bank.lv}}
| obsolete_noticeobsolete = Yyes
| replaced_currency = [[Latvian rublisruble]] (1 LVL = 200 LVR)
| replaced_by_currency = [[Euro]] (1 EUR = 0.702804 LVL)
}}
The Latvian '''lats''' (plural: ''lati'', (2–9)plural genitive: ''latu'', (10second andLatvian more),lats [[ISO 4217]] currency code: LVL or 428) was the [[currency]] of [[Latvia]] from 1922 until 1940 and from 1993 until it was [[Latvia and the euro|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.<ref name="euro" /> ItThe 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=[[Latvijas Banka]] |access-date=5 November 2022}}</ref> and was subdivided into 100 ''santīmi'' (singular: ''santīms''; from [[French language|French]] ''[[centime]]''), 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>
The Latvian lats has been recognized as one of the 99 entries of the [[Latvian Culture Canon]].<ref>{{Cite web|title=Latvian National Currency – the Lats|url=https://kulturaskanons.lv/en/archive/latvijas-nauda/|publisher=[[Latvian Culture Canon]]|language=en-US|access-date=2020-05-06}}</ref>
==First lats, 1922–1940==
[[File:Old five lats reverse.jpg|thumb|left|The [[5 lats coin|5ℒ︁𝓈 lati5]] coin, usedintroduced beforeon WorldChristmas Warof II1929, became a popular symbol of independence during the Soviet era. The coin was designed by [[Rihards Zariņš]].]]
[[File:20 latu Latvia 1935 avers.png|thumb|left|ℒ︁𝓈 20 latu banknote issued 1935 (obverse).]]
The first lats (symbol: ℒ︁𝓈) was first introduced on 3 August 1922, replacing the first [[Latvian rublisruble]] at a rate of ℒ︁𝓈 1 lats = Rbls 50 rubļi.<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 [[gold standard]] from its introduction tilluntil 28 September 1936, when it was pegged against the [[Pound sterling|British pound sterling]] 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.[[lsm.lv]] |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=[[The Economist]]|access-date=2018-07-08|language=en}}</ref>
On 17 June 1940, [[Soviet occupation of Latvia in 1940|Latvia was occupied]] by the [[Soviet Union|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 roubleruble was about threea timesthird lowerof andthe thuslats. 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>
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 1000ℒ︁𝓈 lats1000. 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=[[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}}</ref>
===Coins===
Coins were issued in [[denomination (currency)|denomination]]s of 1, 2, 5, 10, 20 and 50 santīmu, ℒ︁𝓈 1, ℒ︁𝓈 2 and ℒ︁𝓈 5 lati. The 11s, 22s and 5 santīmu5s were in [[bronze]] ([[copper|Cu]], [[tin|Sn]], [[zinc|Zn]]), the 1010s, 2020s and 50 santīmu50s were [[nickel]], while coins of ℒ︁𝓈 1 lats and above were struck in [[silver]], with a [[Precious metal#Purity and mass|purity]] 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===
The Latvian Bank issued notes from 1922 in denominations of ℒ︁𝓈 20, ℒ︁𝓈 25, ℒ︁𝓈 50, ℒ︁𝓈 100 and ℒ︁𝓈 500 latu. They also issued ℒ︁𝓈 10 latu notes which were 500 rubliruble notes overprinted with the new denomination. The government issued currency notes from 1925 in denominations of ℒ︁𝓈 5, ℒ︁𝓈 10 and ℒ︁𝓈 20 latu.
==Second lats, 1993–2013==▼
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 [[Latvian rublis]], 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 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.<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 [[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.<ref>{{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}}</ref>▼
▲== Second lats, 1993–2013 <span class="anchor" id="LVL"></span>==
Until the end of its circulation in January 2014, lats was the fourth highest-valued currency unit per face value, after the [[Kuwaiti dinar]], [[Bahraini dinar]], and the [[Omani rial]]. The 500 latu note was the world's third most valuable banknote after the $10,000 Brunei/[[Singapore dollar|Singaporean dollar]] note and the 1,000 [[Swiss franc]] 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>▼
[[File:Euro exchange rate to LVL.svg|thumb|300px|The cost of one euro in Latvian lats (from 1999 till 2013).]]
▲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 [[Latvian rublisruble]], 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 rubļu being equivalent to Ls 1 lats. The Ls 5 lats banknote was introduced at first, and the last banknote to be introduced was the Ls 500 lats 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 [[Euroeuro]], at the rate of Ls 0.702804 Lats to 1 Euro€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=[[Bank of Latvia]] |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 [[Kuwaiti dinar]], [[Bahraini dinar]], and the [[Omani rial]]. The Ls 500 latu note was the world's third most valuable banknote after the $10,000 Brunei/[[Singapore dollar|Singaporean dollar]] note and the 1,000 [[Swiss franc]] 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 abolition of [[Maltese lira]] on 1 January 2008, lats became the most valued European currency.
===Coins===
Coins were issued in denominations of 11s, santīms2s, 2 and 5 santīmi5s, 1010s, 2020s and 50 santīmu50s, Ls 1 lats and Ls 2 lati. Besides standard coins in the list below and [[Commemorative coins of Latvia|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 latu (the laterlatter two of which were, respectively, silver and gold), a 100Ls lats100 gold [[bullion coin]], and a series of limited design 1 latsLs1 coins twice a year from 2004 to 2013, and once in 2001 and 2003.
The initial standard Ls 2 lati coin was issued only once in 1992, andit was unimetallic ofa [[copper-nickel]], weighedcoin of 6g and measured 24.35mm in diameter.<ref>[https://en.numista.com/catalogue/pieces4485.html 2 Lati]</ref> It was gradually replaced in circulation from 1999 with the below bimetallic coin due to counterfeiting issues.<ref>[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]</ref>
The standard coins were designed by [[Gunārs Lūsis]] and [[Jānis Strupulis]].
Line 69 ⟶ 72:
|- {{Coin-copper-color}}style="text-align:center"
| style="background:white;text-align:center" | [[File:1santims 2005.png|150px]]
| 1 santīms s
| €0.014
| copper-clad iron
Line 79 ⟶ 82:
|- {{Coin-copper-color}}style="text-align:center"
| style="background:white;text-align:center" | [[File:2santimi 2006.png|150px]]
| 2 santīmi s
| €0.028
| copper-clad iron
Line 87 ⟶ 90:
|- {{Coin-yellow-color}}style="text-align:center"
| style="background:white;text-align:center" | [[File:5santimi 2006.png|150px]]
| 5 santīmi s
| €0.071
| [[Copper-nickel-zinc|copper / nickel / zinc]] alloy
Line 97 ⟶ 100:
|- {{Coin-yellow-color}}sstyle="text-align:center"
| style="background:white;text-align:center" | [[File:10santimu 1992.png|150px]]
| 10 santīmu s
| €0.142
| copper / nickel / zinc alloy
Line 105 ⟶ 108:
|- {{Coin-yellow-color}}sstyle="text-align:center"
| style="background:white;text-align:center" | [[File:20santimu 1992.png|150px]]
| 20 santīmu s
| €0.285
| copper / nickel / zinc alloy
Line 113 ⟶ 116:
|- {{Coin-silver-color}}sstyle="text-align:center"
| style="background:white;text-align:center" | [[File:50santimu 1992.png|150px]]
| 50 santīmu s
| €0.711
| copper / nickel alloy
Line 123 ⟶ 126:
|- {{Coin-silver-color}}style="text-align:center"
| style="background:white;text-align:center" | [[File:1Lats salmon.png|150px]]
| Ls 1
| 1 lats
| €1.423
| copper / nickel alloy
Line 133 ⟶ 136:
|-{{Coin-silver-color}} style="text-align:center"
| style="background:white;text-align:center" | [[File:2Lati 1999.png|150px]]
| Ls 2
| 2 lati
| €2.846
| Inner: copper / nickel / zinc alloy<br/>Outer: copper / nickel alloy
Line 167 ⟶ 170:
|[[File:Latvia-2007-Bill-5-Obverse.jpg|250px]]
|[[File:Latvia-2007-Bill-5-Reverse.jpg|250px]]
| Ls 5
| 5 lati
| €7.11
| Green
| Oak tree, sun ornament background
| Woodcarving of a sun on a [[distaff]]
|-
|[[File:Latvia-2008-Bill-10-Obverse.jpg|250px]]
|[[File:Latvia-2008-Bill-10-Reverse.jpg|250px]]
| Ls 10 latu
| €14.23
| Purple
| Bends of the [[River Daugava]] (''Daugavas loki)''
| Latvian [[brooch]] (''sakta'')
|-
|[[File:Latvia-2007-Bill-20-Obverse.jpg|250px]]
|[[File:Latvia-2007-Bill-20-Reverse.jpg|250 px]]
| Ls 20 latu
| €28.46
| Brown
| Traditional househomestead
| Woven [[linen]] (''dreļļu'' pattern)
|-
|[[File:Latvia-1992-Bill-50-Obverse.jpg|250 px]]
|[[File:Latvia-1992-Bill-50-Reverse.jpg|250 px]]
| Ls 50 latu
| €71.14
| Blue
| Sailing-ship
| Keys (Historical seal of [[Riga]]), Riga fortifications map
|-
|[[File:Latvia-1992-Bill-100-Obverse.jpg|250 px]]
|[[File:Latvia-1992-Bill-100-Reverse.jpg|250 px]]
| Ls 100 latu
| €142.29
| Red
Line 207 ⟶ 210:
|[[File:Latvia-1992-Bill-500-Obverse.jpg|250 px]]
|[[File:Latvia-1992-Bill-500-Reverse.jpg|250 px]]
| Ls 500 latu
| €711.44
| Grey
| Latvian folk-maid<ref group=note>Similar to the 1929 silver five lats coin.</ref>
| Ornamental brassbronze crowns
|}
Line 220 ⟶ 223:
* [[Commemorative coins of Latvia]]
* [[Economy of Latvia]]
== Notes ==
{{reflist|group=note}}
==References==
Line 232 ⟶ 238:
{{Euro topics}}
{{Currencies of post-Soviet states}}
{{Currency signs}}
{{DEFAULTSORT:Latvian Lats}}
[[Category:1922 establishments in Latvia]]
[[Category:1993 establishments in Latvia]]
[[Category:2014 disestablishments in Latvia]]
[[Category:Currencies of Latvia]]
[[Category:Economy of Latvia]]