Lats: National Coin of the Republic of Latvia (1922-2013)

Illustrated Specimen Details: Silver 1 Lats

Example Specimen: 1 lats, 1924 (Latvia)

Authority & Heraldry: The obverse features the inscription LATVIJAS REPUBLIKA and the National Coat of Arms. The design is rich in historical symbolism: the three stars above the shield represent Vidzeme, Latgale, and Kurzeme. The rising sun symbolizes freedom, while the lion and griffin represent the different historical regions of the Latvian state.

1. REPUBLIC OF LATVIA (1923-2013): 1 lats = 100 santims (fractional unit: 1/100)

The name of the lats coin was created as a direct derivative of the country’s name — Latvia. This term was officially introduced in the early 20th century as part of the nation's efforts to establish a unique monetary identity following its independence. The name santīms corresponds etymologically to “cent.”

History and Two Eras of the Latvian Lats

The lats was the base monetary unit of Latvia, used in two distinct periods: first from 1922 to 1940, and again from 1993 to 2013 after the restoration of independence from the Soviet Union. It replaced the temporary Latvian rublis and marked a return to a national currency rooted in the interwar tradition.

Latvian lats are recognized by numismatists in two distinct historical periods: the "first lats" (silver and base metal coins issued between 1922-1940) and the "second lats" (circulating after the restoration of independence from 1993-2013). Between these eras, during the period of Soviet occupation, Soviet rubles were the mandatory currency in circulation.

The system was fully decimal:

• 1 lats = 100 santīmi
  → therefore 1 santīms = 1/100 lats

The Interwar Period (1922-1940)

The first lats was introduced in 1922, replacing the temporary Latvian ruble. It quickly established itself as a stable and respected currency in Northern Europe. In its first period, the lats was a stable European currency, initially linked to gold and later to foreign exchange standards.

Coins were issued in denominations ranging from 1 santīms to 5 lati, with silver used for higher denominations and base metals for smaller units. High-purity silver coins, such as the 1924 issue minted in London, remain iconic symbols of this era. Designs featured national symbols, including the Latvian coat of arms and allegorical figures. This monetary system functioned until the Soviet occupation in 1940, when the lats was forcefully replaced.

Modern Era and Euro Integration (1993-2013)

Following the collapse of the Soviet Union, the lats was reintroduced in 1993. This second generation of the currency was famous for its artistic variety and economic stability. While the 1 lats remained the primary unit, it was subdivided into 100 santīmi. The modern lats followed the same decimal structure. Coinage included:

• santīmi: 1, 2, 5, 10, 20, 50

• lati: 1 and 2 (circulating), plus numerous commemorative issues

Modern Latvian coins are notable for their artistic quality and variety, especially the creative "special edition" 1-lats coins of the 2000s, which featured diverse themes such as folklore, history, national cultural motifs, and nature.

The system remained in use until January 1, 2014, when Latvia officially adopted the Euro. The fixed conversion rate was:

• 1 euro = 0.702804 lats

After this transition, both the lats and its subdivision, the santīms, ceased to circulate, making the lats a historical treasure for collectors.

Numismatic Perspective

From a numismatic perspective, the lats forms two clearly distinct collecting periods:

• interwar issues (often scarcer, especially in high grades)

• modern issues (including a large and popular commemorative series)

A notable aspect of the lats is its continuity of identity across two historical eras. Unlike many currencies that changed name or structure after political transitions, Latvia deliberately restored the same denomination, reinforcing a link between the interwar republic and the modern state. For collectors, the lats offers a diverse field of study, from the classic interwar engravings to the unique modern commemorative pieces.

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