Latvian euro coins Latvian euro coins Latvia replaced its previous currency, the lats, with the euro on 1 January 2014, after a European Union (EU) assessment in June 2013 asserted that the country had met all convergence criteria necessary for euro adoption. The adoption process began 1 May 2004, when Latvia joined the European Union, entering the EU's Economic and Monetary Union. At the start of 2005, the lats was pegged to the euro at Ls 0.702804 = €1, and Latvia joined the European Exchange Rate Mechanism (ERM ll), four months later on 2 May 2005. Latvia's Treaty of Accession to the European
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