5 lats coin and freedom. The coin was designed by Rihards Zariņš. The image of the maiden on the coin is colloquially known as Milda (a Latvian female name). The model was Zelma Brauere (1900-1977), a proofreader of the State Securities Printing House. She served as a model for other works of the artist, including the 10 lats and 20 lats banknotes and the 50 santīmi coin. In 1939, the Latvian government prepared to mint new 5 lats coins to be issued in 1941. The Latvian maiden was to be replaced by a portrait of the authoritarian leader of Latvia, Kārlis Ulmanis. Those
Mark (currency) policy was not re-established, and the continuing loose money policy resulted in inflation, and in 1923, in hyperinflation. In late 1923, when the paper mark had become virtually worthless, it was replaced by a new currency, the (worth ). The new currency was issued by the newly established as credit to borrowers, but requiring collateral in the form of first-class claims to real estate. In 1924, the stopped providing unrestricted credit against worthless financial bills, and pegged its new currency, the , to the stable . The rationed its lending, so that the remained at par with the stable .