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
Latvian lats and 50 santīmu were nickel, while coins of 1 lats and above were in silver, with a purity of 83,5 percent. The Latvian Bank issued notes from 1922 in denominations of 20, 25, 50, 100 and 500 latu. They also issued 10 latu notes which were 500 rubli notes overprinted with the new denomination. The government issued currency notes from 1925 in denominations of 5, 10 and 20 latu. The lats was reintroduced on 5 March 1993, replacing the Latvian rublis, which continued to circulate and kept validity until and including 30 June 1994 at a rate of 200 rubļu