Latvian lats being equivalent to 1 lats. The 5 lats banknote was introduced at first, and the last banknote to be introduced was the 500 lats banknote on 20 July 1998. The lats was replaced on 1 January 2014 by the Euro, at the rate of 0.702804 Lats to 1 Euro. The second lats can be exchanged to euros at the official rate at the Bank of Latvia's cashier's office in Riga. Coins were issued in denominations of 1 santīms, 2 and 5 santīmi, 10, 20 and 50 santīmu, 1 lats and 2 lati. Besides standard coins in the list below and
State continuity of the Baltic states State continuity of the Baltic states State continuity of the Baltic states describes the continuity of the Baltic states as legal entities under international law while under Soviet rule and German occupation from 1940 to 1991. The prevailing opinion accepts the Baltic thesis of illegal occupation and the actions of the USSR are regarded as contrary to international law in general and to the bilateral treaties between the USSR and the Baltic states in particular. This legal continuity has been recognised by most Western powers and is reflected in their state practice. The application of the Stimson Doctrine by the