Latvian Lat

**Latvian Lat**
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The Latvian lat (plural: lati, genitive plural: latu) was the official currency of Latvia from 1922 to 1941 and again from 1993 to 2014. It was introduced as a gold currency in 1922 and replaced the Russian ruble.

**History**
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The lats was first introduced in 1922, replacing the Latvian ruble (Latvijas rublis) at a rate of 50 Latvian rubles to 1 lat. The initial banknotes were issued in denominations of 10, 20, 25, 50, 100, and 500 lats, as well as state notes of 5 lati and 10 and 20 latu. Coins were also minted in silver (1, 2, and 5 lats) and copper/nickel (1 and 2 lats).

In 1928, the value of 1 lat was equivalent to 0.81 gold mark (Reichsmark in gold currency). The lats remained in circulation until June 1940.

**Post-War Period**
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After World War II, the Soviet Union occupied Latvia and introduced the Russian ruble as the official currency. However, with the restoration of independence in 1991, the Latvian government reintroduced the lat as a temporary means of payment on May 7, 1992.

The lats was declared the only legal tender on July 20, 1992, and remained in circulation until January 14, 2014. During this period, the exchange rate with the Latvian ruble was set at 200:1, and the lats was used alongside the ruble until June 28, 1993.

**Coins and Banknotes**
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The lats was divided into 100 centimes (santīmi). Coins were issued in denominations of 1, 2, 5, 10, 20, and 50 centimes, as well as 1 and 2 lats. Banknotes were issued in denominations of 5, 10, 20, 50, 100, and 500 lats.

**Euro Adoption**
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On January 1, 2014, Latvia joined the Eurozone, replacing the lat with the euro as its official currency. The transition period lasted from January 1 to January 14, 2014, during which both lats and euros were in circulation at a fixed exchange rate of 0.702804 lats per euro.

The adoption of the euro marked the end of the Latvian lat's use as a national currency, making it one of the heaviest currencies in Europe to be replaced by the euro.