20 Latu

Latvia's 1924 series was among the first substantial issues from Latvijas Banka following the lats currency reform of 1922, which replaced the Latvian rublis at a rate of 50 rubļi to 1 lats — itself a stabilization measure after the inflationary chaos left by war and occupation. Waterlow & Sons in London handled the printing, as they did for numerous newly independent states in the interwar period who lacked domestic printing infrastructure.

The P#15 20 latu is notably scarce in circulated grades, as the denomination was high enough that most examples saw careful handling — or simply weren't used by ordinary Latvians at all.