Latvian lats

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Template:Short description Template:Use dmy dates Script error: No such module "Infobox".Template:Template otherScript error: No such module "check for unknown parameters".Template:Main otherTemplate:Main otherTemplate:Main other

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.[1] The lats is abbreviated as Ls[2] and was subdivided into 100 santīmi (singular: santīms; from French centime), abbreviated as an s after the santīm amount.[3]

The Latvian lats has been recognized as one of the 99 entries of the Latvian Culture Canon.[4]

First lats, 1922–1940

File:Old five lats reverse.jpg
The ℒ︁𝓈 5 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
ℒ︁𝓈 20 banknote issued 1935 (obverse).

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.[5] 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.[6][7] However, as the pound still retained the standard, a link of sorts existed until 1940.[8]

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.[9]

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.[10][11]

Coins

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.[12]

Banknotes

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.

Second lats, 1993–2013

File:Euro exchange rate to LVL.svg
The cost of one euro in Latvian lats (from 1999 till 2013).

The lats was reintroduced on 5 March 1993,[13] replacing the Latvian ruble, which continued to circulate and kept validity until and including 30 June 1994[14] 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.[15] 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.[16]

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.[17] With the abolition of the Maltese lira on 1 January 2008, the lats became the most valued European currency.

Coins

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.[18] It was gradually replaced in circulation from 1999 with the below bimetallic coin due to counterfeiting issues.[19]

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

Coins of the Latvian lats (1992–1999)
Designers: Gunārs Lūsis and Jānis StrupulisScript error: No such module "Check for unknown parameters".
Image Value Technical parameters Description Issued
from
Diameter
(mm) 		Mass
(g) 		Composition Edge Obverse Reverse
File:1santims 2005.png 1 s 15.65 1.60 Copper-plated
iron 		Smooth Smaller coat of arms;
year of issue; Lettering:
LATVIJAS REPUBLIKA 		Five arches;
two suns; value 		1992–2008
File:2santimi 2006.png 2 s 17.00 1.90 1992–2009
File:5santimi 2006.png 5 s 18.50 2.50 Nickel silver
File:10santimu 1992.png 10 s 19.90 3.25 1992–2008
File:20santimu 1992.png 20 s 21.50 4.00 1992–2009
File:50santimu 1992.png 50 s 18.80 3.50 Cupronickel Reeded Pine sapling;
value
File:1Lats salmon.png Ls 1 21.75 4.80 Lettering:
LATVIJAS BANKA •
LATVIJAS BANKA •Script error: No such module "Check for unknown parameters". 		Greater coat of arms;
year of issue; Lettering:
LATVIJAS REPUBLIKA 		Leaping salmon;
value 		1992–2008
File:2Lati 1992.png Ls 2 24.35 6.00 Cow;
value 		1992
File:2Lati 1999.png 26.30 4.50 Outer: Cupronickel Reeded lettering:
LATVIJAS BANKA •
LATVIJAS BANKA •Script error: No such module "Check for unknown parameters". 		1999–2009
18.21 5.00 Inner: Nickel silver
Relative size of coins

File:1santims 2005.png File:2santimi 2006.png File:5santimi 2006.png File:10santimu 1992.png File:20santimu 1992.png File:50santimu 1992.png File:1Lats salmon.png File:2Lati 1999.png

Banknotes

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.[20]

Banknotes of the Latvian lats (1992)
Designers: Imants Žodžiks and Valdis OšiņšScript error: No such module "Check for unknown parameters".
Image Value Euro
equivalent 		Dimensions
(mm) 		Main
colour 		Description Issue
Obverse Reverse Obverse Reverse
File:Latvia-2007-Bill-5-Obverse.jpg File:Latvia-2007-Bill-5-Reverse.jpg Ls 5 €7.11 130 × 65 Green Oak tree,
sun ornament background 		Sun woodcarving on a distaff 1992–2009
File:Latvia-2008-Bill-10-Obverse.jpg File:Latvia-2008-Bill-10-Reverse.jpg Ls 10 €14.23 Purple Bends of the River Daugava
(Daugavas loki) 		Latvian brooch (sakta) 1992–2008
File:Latvia-2007-Bill-20-Obverse.jpg File:Latvia-2007-Bill-20-Reverse.jpg Ls 20 €28.46 Brown Traditional homestead Woven linen (dreļļu pattern) 1992–2009
File:Latvia-1992-Bill-50-Obverse.jpg File:Latvia-1992-Bill-50-Reverse.jpg Ls 50 €71.14 Blue Sailing-ship Keys (Historical seal of Riga),
Riga fortifications map 		1992
File:Latvia-1992-Bill-100-Obverse.jpg File:Latvia-1992-Bill-100-Reverse.jpg Ls 100 €142.29 Red Krišjānis Barons Lielvārde Belt (Lielvārdes josta) 1992–2007
File:Latvia-1992-Bill-500-Obverse.jpg File:Latvia-1992-Bill-500-Reverse.jpg Ls 500 €711.44 Grey Latvian folk-maid[note 1] Ornamental bronze crowns 1992–2008

See also

Script error: No such module "Portal".

Notes

Template:Reflist

References

Template:Reflist

External links

Template:Euro topics Template:Currencies of post-Soviet states Template:Currency signs

  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named euro
  2. ↑ Script error: No such module "citation/CS1".
  3. ↑ Script error: No such module "citation/CS1".
  4. ↑ Script error: No such module "citation/CS1".
  5. ↑ Script error: No such module "citation/CS1".
  6. ↑ Script error: No such module "citation/CS1".
  7. ↑ Script error: No such module "citation/CS1".
  8. ↑ Script error: No such module "citation/CS1".
  9. ↑ Script error: No such module "citation/CS1".
  10. ↑ Script error: No such module "citation/CS1".
  11. ↑ Script error: No such module "citation/CS1".
  12. ↑ Script error: No such module "citation/CS1".
  13. ↑ Script error: No such module "citation/CS1".
  14. ↑ Script error: No such module "citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".
  17. ↑ Script error: No such module "citation/CS1".
  18. ↑ 2 Lati
  19. ↑ Divlatniekus ar govs attēlu vairs nedod apgrozībā
  20. ↑ Script error: No such module "citation/CS1".


Cite error: <ref> tags exist for a group named "note", but no corresponding <references group="note"/> tag was found

Retrieved from "http://debianws.lexgopc.com/wiki143/index.php?title=Latvian_lats&oldid=1690420"