Latvia - Republic

Latvia regained its independence from the Soviet Union in 1991. Since then, it has operated as a parliamentary republic with a multi-party system. The country has successfully integrated into Western structures: it joined the European Union and NATO in 2004. The economy has undergone significant transformation, moving from the former Soviet planned economy to an open, market-based economy. EU membership has brought significant economic development. The society is characterized by cultural diversity, with a significant Russian minority. In recent decades, Latvia has taken an active role in international politics and European integration.

Since regaining independence in 1991, the Republic of Latvia has been on an exciting journey of creating and developing its own monetary system. After the end of the Soviet ruble era, they had to start with a completely new page. First, in 1993, the Latvian lats (LVL) were introduced, which became a strong and stable currency over the years. The auxiliary monetary unit to the lats was the santims (1 lat = 100 santims). As for the coins, a beautiful and diverse series was issued, reflecting the history, culture and natural beauties of Latvia. The most common denominations were: 1, 2, 5, 10, 20, 50 santims: These often featured floral and animal motifs. 1 lats: This usually featured the small Latvian coat of arms. 2 lats: It was decorated with the large Latvian coat of arms. Interestingly, Latvian coins varied in shape and size, making them easy to distinguish. 2014 marked another milestone in Latvia's financial history. On January 1, Latvia joined the eurozone, replacing the lats with the euro (€). This was a significant step in the country's economic integration with the European Union. Although old lats coins are no longer in circulation, many numismatists and collectors treasure them as an important memento of Latvia's early years of independence.