EU – Baltic States, Financial Services, Latvia, Transport

400 million coins of various nominal values will be struck to ensure Latvia's transition from the lat to the euro.

They will weigh 1,600 tons and their total nominal value will be EUR 98 million.

As reported, the Bank of Latvia began minting Latvia's euro coins after the Economic and Financial Affairs Council's decision to allow Latvia to join the eurozone. The coins are being minted at the State Mints of Baden-Wuerttemberg in Germany. This fall, the Bank of Latvia will deliver them to banks, and the banking sector to companies in order to ensure smooth transition from the lat to the euro.

One side of the coins depicts the standard euro coin design, the other side – Latvian symbols.

The Latvian one-euro and two-euro coins feature the profile of a Latvian folk maiden, an image used on the pre-war five-lat coin. 10 cent, 20 cent and 50 cent coins feature the large coat of arms of the Republic of Latvia, whereas one-cent, two-cent and five-cent coins depict the small coat of arms of the Republic of Latvia.