5 lats coin Bank of Latvia has issued two collector coins featuring the imagery of the 5 lats 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. In 2004, after a nationwide idea contest, the design was selected for the national side of Latvian Euro coins, and approved as a design
Currency substitution displaced by a stable currency. At the beginning of this process, the store-of-value function of the domestic currency is replaced by the foreign currency. Then, the unit-of-account function of the domestic currency is displaced when many prices are quoted in a foreign currency. A prolonged period of high inflation will induce the domestic currency to lose its function as medium of exchange when the public carries out many transactions in foreign currency. Ize and Levy-Yeyati (1998) examine the determinants of deposit and credit currency substitution, concluding that currency substitution is driven by the volatility of inflation and the real exchange