5 lats coin was a
Latvian lat
The lats (plural: ''lati'' or ''latu'' (if the number can be divided by 10), ISO 4217 currency code: LVL or 428) 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 tran ...
coin minted in 1929, 1931 and 1932. It became a popular symbol of independence during the
Soviet occupation
During World War II, the Soviet Union occupied and annexed several countries effectively handed over by Nazi Germany in the secret Molotov–Ribbentrop Pact of 1939. These included the eastern regions of Poland (incorporated into two different ...
. It was reproduced in several modern
commemorative coins of Latvia and is used on the national sides of the
Latvian 1 and 2 euro coins. The reverse design was featured on the Ls 500 banknote and in
watermark
A watermark is an identifying image or pattern in paper that appears as various shades of lightness/darkness when viewed by transmitted light (or when viewed by reflected light, atop a dark background), caused by thickness or density variations ...
s of all lats banknotes.
History
In February 1929, the Latvian Ministry of Finance decided to issue a 𝓛𝓈 5 circulation coin depicting the head of a maiden, which would symbolize the Republic of Latvia and freedom.
The coin was designed by
Rihards Zariņš
Rihards Zariņš (also Richards Zarriņš or Richard Sarrinsch in German; 27 June 1869 – 21 April 1939) was a prominent Latvian graphic artist.
Life
He was born in Kocēni and grew up in Līgatne and later in Grīva. He pursued his studies ...
. The image of the maiden on the coin is colloquially known as Milda (a Latvian female name). The model was Zelma Brauere (1900-1977), a proofreader of the State Securities Printing House. She served as a model for other works of the artist, including the 𝓛𝓈 10 and 𝓛𝓈 20 banknotes and the 50s coin.
In 1939, the Latvian government prepared to mint new 𝓛𝓈 5 coins to be issued in 1941. The Latvian maiden was to be replaced by a portrait of the authoritarian leader of Latvia,
Kārlis Ulmanis
Kārlis Augusts Vilhelms Ulmanis (; 4 September 1877 – 20 September 1942) was a Latvian politician. He was one of the most prominent Latvian politicians of pre-World War II Latvia during the Interwar period of independence from November 1918 to ...
. Those coins were never minted as the
Second World War
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
broke out.
After the
Soviet occupation of Latvia in 1940
The Soviet occupation of Latvia in 1940 refers to the military occupation of the Republic of Latvia by the Soviet Union under the provisions of the 1939 Molotov–Ribbentrop Pact with Nazi Germany and its Secret Additional Protocol signed in A ...
, lats continued to circulate alongside the
Soviet ruble
The ruble or rouble (russian: рубль) was the currency of the Soviet Union, introduced in 1922, replacing the Imperial Russian ruble. One ruble was divided into 100 kopecks ( – ''kopeyka'', ''kopeyki''). Soviet banknotes and coins were pr ...
, although silver coins had largely disappeared from circulation. (Even prior to the war, Latvian people had started to hoard silver coins to prepare for the imminent crisis.) On 25 March 1941, all denominations of lats were abruptly annulled. As the general society was given no prior warning, an estimated 50 million lats were never exchanged for rubles. The people were left with suddenly-worthless coins and bills, except for sentimental value and the silver content in the coins.
The Soviet authorities, however, did have 𝓛𝓈 5 coins worth around 𝓛𝓈 3.6 million after the lat was removed from circulation. In 1960, Soviet authorities reportedly sold silver lats coins to foreign
numismatists
A numismatist is a specialist in numismatics ("of coins"; from Late Latin ''numismatis'', genitive of ''numisma''). Numismatists include collectors, specialist dealers, and scholars who use coins and other currency in object-based research. Altho ...
for 28
DEM
DEM was the ISO 4217 currency code for the Deutsche Mark, former currency of Germany
Computing
* Digital elevation model, a digital representation of ground-surface topography or terrain
** .dem, a common extension for USGS DEM files
* Discrete ...
Around the same time the
Soviet Bank started purchasing gold and silver coins of historical currencies. The 𝓛𝓈 5 coin could be sold for 60 kopeks.
Modern usage
The image of the maiden featured on the reverse of the coin was used in the design of the modern Ls 500 banknote.
It is also used as a watermark for all lats banknotes.
Commemorative
The
Bank of Latvia
The Bank of Latvia ( lv, Latvijas Banka,) is the central bank of Latvia. It is among the nation's key public institutions and carries out economic functions as prescribed by law. It was established in 1922.
The principal objective of the Bank of ...
has issued two collector coins featuring the imagery of the 𝓛𝓈 5 coin. The first was struck in 2003 as part of the international series ''The Smallest Gold Coins of the World''. The second was struck in 2012 to commemorate the 90th anniversary of the bank. The Bank of Latvia worked with the
British Royal Mint, which minted the original coins, to recreate the coin using
electrotypes used in minting the original coins.
Latvian Euro coins
In 2004, after a nationwide idea contest, the design was selected for the national side of Latvian Euro coins, and approved as a design for both the 1 and 2 Euro coins issued by Latvia. The edge of the 2 Euro coin features an inscription similar to the one on the edge of the 5 lats coin.
Gallery
File:Latvia-1992-Bill-500-Obverse.jpg, Obverse of the modern Ls 500 banknote
File:Latvia-5 Lati (reverse).gif, Reverse of the gold commemorative coin
File:Latvia-5 Lati (obverse).gif, Obverse of the gold commemorative coin
File:LV-2012-5lati-b.png, Reverse of the silver commemorative coin
File:LV-2012-5lati-a.png, Obverse of the silver commemorative coin
File:LV 1 eiro.png, The national side of the 1 Euro coin issued by Latvia
File:LV 2 eiro.png, The national side of the 2 Euro coin issued by Latvia
See also
References
{{Reflist
External links
Presentation on making of 2012 commemorative coin
Silver coins
Five-base-unit coins
Economic history of Latvia
National symbols of Latvia