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
Baltic Slavic piracy for use in church candles and the sealing of documents. Once trade began, the German form of currency circulated amongst the group. After this point information on specifics of the trade between Germans and Slavs is unknown throughout the ninth century. During this time period it is known that the Slavs crossed paths with the Danes, leading to a series of fateful events. The Slavs of the Baltic had engaged in piratical activity before, while the Danes felt that trade and piracy went hand in hand, making for an interesting attempt at commercial relations. Baltic Slavs soon became interested in