25 Kapeikas

Latvia's 1920 small-denomination notes were rushed into production during a period of acute monetary instability — the country had only declared independence in November 1918 and was still consolidating control over its territory when this series was printed. The 25 Kapeikas belongs to a fractional issue that filled the gap left by the collapse of the Russian Imperial and Tsarist-era ruble systems, which had previously dominated circulation in the region.

P#11 is among the smallest-format notes ever issued by the Latvian government, a practical consequence of the low denomination rather than any design economy.