Banks, Financial Services, Latvia, Society

The coin, commemorating the 150th anniversary since the foundation of Ainazi Nautical School, has attracted considerable interest. Long lines formed at the cashier's offices of the Bank of Latvia several hours before the opening time.

Several hundred people were waiting in lines to have a shot at purchasing the coin this morning. Each customer, however, was allowed to purchase no more than three coins.

The Bank of Latvia predicts that Latvia's first euro collector coin could be sold out already today.

As reported, the Bank of Latvia begins issuing the new 5 euro silver collector coin today, which is dedicated to the 150th anniversary of Ainazi Nautical School.

The coin has been designed by artist Ivars Drulle and struck by Koninklijke Nederlandse Munt. It features four sailing ships and a compass with a red-painted element pointing to the North.

The coin commemorates the 150th anniversary since the foundation of Ainazi Nautical School. The school ranked prominent in the development of both seafaring and national awareness. In these 150 years that have passed since it came into being, the citizens of free Latvia have sailed the seven seas, explored the world, integrated with the European Union and joined the euro area.

This is Latvia's first euro collector coin (previously, the lats coins of precious metals, which by their nature were works of art, were known as commemorative coins). This euro collector coin is simultaneously a new beginning and another phase in the minting of highly artistic commemorative coins bearing Latvian symbols. The projected number of collector coins remains unchanged as well, and, taking into account the interest on behalf of the Latvian people and foreign coin collectors, 5-6 coins will be issued on an annual basis.

The coin Ainazi Nautical School is legal tender in the Republic of Latvia. The total circulation of the coin is 5,000.

The coin is on sale at the cashier's offices of the Bank of Latvia (K. Valdemara Street 1B in Riga and Liepaja and Daugavpils branches) and such traditional points of coin sale as banks and souvenir and jewelry shops. The price of the coin at the cashier's offices of the Bank of Latvia is EUR 35.99.