History of Latvia forests were another export revenue source. On March 27, 1919 the Latvian rublis was introduced with an exchange rate of 1 Latvian rublis equal to 1 ostruble, 2 German marks and 1,5 czar rubles. On March 18, 1920 Latvian rublis was made the only legal currency. Due to high inflation, the new Latvian lats currency was introduced at a rate 1 lat to 50 rublis. In 1923 the Bank of Latvia was established and lats replaced rublis in 1925. Between 1923 and 1930 state budget was with a surplus. On average 25,5% went to defense, 11,2% to education and 23,4%
Latvian lats coins for collectors, there were a number of coins that were issued only once and were rarely found in circulation: three commemorative circulation coins in denominations of 2, 10 and 100 latu (the later two of which were, respectively, silver and gold), a 100 lats gold bullion coin, a standard issue 2 lats coin that was gradually taken out of circulation starting from 1999 due to safety issues and a series of limited design 1 lats coins that were issued twice a year from 2004 to 2013, and once in 2001 and 2003. The standard coins were designed by Gunārs