Latvian rublis printed quite similar notes but with different signatures on them. This government recognized the previously printed banknotes as legal tender. The designer of these banknotes was Jūlijs Madernieks. On 3 August 1922, the Cabinet of Ministers approved the "Regulations on Money" which introduced the "lats" as Latvia's national currency. The lats was equal to 50 rubļi. The rublis remained in circulation alongside the lats for a time. Latvia's regained independence was recognized by the Soviet Union on 6 September 1991. In the first four months of 1992, the country was adversely affected by inflation of the Soviet ruble. In addition,
5 lats coin content in the coins. The Soviet authorities, however, did have 5 lats coins worth around 3.6 million after the lat was removed from circulation. In 1960, Soviet authorities reportedly sold silver lats coins to foreign numismatists for 28 DEM Around the same time the Soviet Bank started purchasing gold and silver coins of historical currencies. The 5 lats coin could be sold for 60 kopeks. The image of the maiden featured on the reverse of the coin was used in the design of the modern 500 lats banknote. It is also used as a watermark for all lats banknotes. The