Paper money in Latvia

Latvia, which had been under changing foreign rule since 1236, gained independence from Russia in 1918. However, the independence struggles in the newly founded Republic of Latvia continued until 1920.

Until independence, the Russian Empire’s paper money was in circulation and therefore the rouble as currency. In the First World War, during the occupation by the German Reich, there were also Ostbank banknotes for trade and commerce. The capital Riga was occupied by Soviet troops in early 1919. The Workers’ Deputies Council in Riga, which had existed since 1917, issued means of payment during this period, which were also used nationwide.

The first own paper money issues were made by the Ministry of Finance and the Treasury. The Latvian rouble was designated as the currency. The first series were produced by printers in Riga and Liepāja. The state treasury notes were designed in three languages: Latvian, Russian and German. Latvia pursued a policy of allowing minorities in the state to have their own schools and self-government. The state itself maintained schools in seven minority languages.

Latvijas Banka was finally established by law in 1922 and the lats was introduced as the new currency. Latvijas Banka was granted the exclusive right to issue notes. But the state also continued to issue paper money, from 1925 also in the currency lats. The state and Latvijas Banka’s issuing activities ended with the occupation of Latvia by the Soviet Union in 1940.

>> This collection is part of the holdings of "Paper money in Europe" of the Giesecke+Devrient Stiftung Geldscheinsammlung (Giesecke+Devrient foundation: collections of bank notes).