10 Rubļi

Latvia's State Treasury began issuing rubļi notes almost immediately after the November 1918 declaration of independence, while fighting simultaneously against both Bolshevik forces and the German Landeswehr. The sheer number of signature and watermark combinations documented for P#4 reflects not bureaucratic tidiness but a treasury improvising under wartime pressure — successive finance ministers and shifting paper suppliers produced a series of overlapping emission variants that still challenge cataloguers attempting to sequence them precisely.

The Erhards, Purinsch, and Kalnings signature progressions track actual personnel changes at the treasury, making signatories a more reliable dating tool for individual examples than the undifferentiated 1919 year date.