Information about currency: Euro, Latvia

The euro (symbol: €; code: EUR) is the official currency of 19 of the 27 member states of the European Union. This group of states is known as the Eurozone or Euro area. The name Euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU). Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members.

All circulating coins have a common side showing the denomination or value, and a map in the background. Due to the linguistic plurality of Europe, the Latin alphabet version of Euro is used (as opposed to the less common Greek or Cyrillic) and Arabic numerals (other text is used on national sides in national languages, but other text on the common side is avoided). The coins also have a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any member state may be freely used in any nation that has adopted the euro.

The coins are issued in €2, €1, 50c, 20c, 10c, 5c, 2c, and 1c denominations. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin. These coins are legal tender throughout the Eurozone. Collector coins with various other denominations have been issued as well, but these are not intended for general circulation, and they are legal tender only in the member state that issued them.

Latvia joined the European Union in 2004 and adopted the Euro on 1 January 2014. The Latvijas Banka (Bank of Latvia) will continue to exchange lat notes and coins for an unlimited period.