The latvia lati was an official currency of Latvia from 1922 until January 2014 with currency code LVL and symbol Ls. On 1st January 2014, lats was replaced by euro. On 3rd August 1922, lats was introduced an official currency of Latvia by replacing the previous currency Latvian rublis at rate 1 lats equals 50 rubli. From its introduction, lats was pegged against the gold standard. Latvia was occupied by the Union of Soviet Socialist Republics on 17th June 1940. On 10th October the Bank of Latvia was replaced with Latvia Republican Office of the Gosbank. The Soviet ruble was introduced as 2nd currency alongside the lats on 25th November 1940. On 25th March 1941, without prior warning, lats was taken out of circulation.
The latvia lati was reintroduced as an official currency on 5th March 1993 by replacing the Latvian rublis. The 5 lats was the first banknotes issued and 500 lats was the last banknote introduced on 20th July 1998. On 1st January 2014, lats was replaced with euro at rate 1 euro = 0.702804 Lats. Until the end of its circulation in 2014, lats was 4th highest valued currency after Kuwaiti dinar, Bahraini dinar and the Omani rial. The banknote of 500 latu was world 3rd most valuable note after 10,000$ Singaporean dollar and 1000 Swiss franc note.