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25 Latu

Issuer Latvijas Banka
Year 1938
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Currency Old lats (1922-1940)
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Protection type Watermark
Protection description Portrait watermark of Kārlis Ulmanis visible when held to light.
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Comments

The 1938 25 Latu was one of the last notes issued by Latvijas Banka before Soviet occupation ended the independent republic's monetary system entirely in 1940. Bradbury Wilkinson had handled Latvian banknote contracts through much of the interwar period, and the relationship produced consistently high-quality intaglio work — the firm's reputation in that decade rested heavily on its central European government clients.

Notes from this issue that survived did so largely outside Latvia, carried by refugees or diplomats. The Soviet administration withdrew and demonetized Latvian currency almost immediately upon occupation, making surviving circulated examples genuinely uncommon.

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