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5 lats coin
The 5 lats coin was a Latvian lat coin minted in 1929, 1931 and 1932. It became a popular symbol of independence during the Soviet occupation. It was reproduced in several modern commemorative coins of Latvia and is used on the national sides of the Latvian 1 and 2 euro coins. The reverse design was featured on the 500 lats banknote and in watermarks of all lats banknotes.
== History ==
In February 1929 the Latvian Ministry of Finance decided to issue a 5 lat circulation coin depicting the head of a maiden, which would symbolize the Republic of Latvia and freedom. The coin was designed by Rihards Zariņš. The image of the maiden on the coin is colloquially known as Milda (a Latvian female name). The model was Zelma Brauere (1900-1977), a proofreader of the State Securities Printing House. She served as a model for other works of the artist, including the 10 lats and 20 lats banknotes and the 50 santīmi coin.
In 1939 the Latvian government started preparing to mint new 5 lats coins to be issued in 1941. The Latvian maiden was to be replaced by a portrait of the authoritarian leader of Latvia Kārlis Ulmanis. Those coins were never minted as the Second World War broke out. Already prior to the war people in Latvia had started to hoard silver coins to prepare for the imminent crisis. After the Soviet occupation of Latvia in 1940 the silver coins all but disappeared from circulation. Meanwhile, lats continued to circulate alongside the Soviet ruble until on 25 March 1941 it was abruptly annulled. As the general society was given no prior warning, it has been estimated that around 50 million lats were never exchanged for rubles. The people were left with coins and bills now worthless, except for the sentimental value and the silver content in the coins.〔 The Soviet authorities, however, did have 5 lats coins worth around 3.6 million after the lat was removed from circulation. In 1960 Soviet authorities reportedly sold silver lats coins to foreign numismatists for 28 DEM〔 Around the same time the Soviet Bank started purchasing gold and silver coins of historical currencies. The 5 lats coin could be sold for 60 kopeks.
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