10 Latu 1937

Common. Historical eBay sales data shows consistent market activity with notes in F-VF grades selling in the $5-$25 range over multiple years (2016-2020), and UNC/PMG graded examples reaching $27-$97. These prices are well below rare banknote thresholds and indicate substantial circulation and survival of this issue. The 1937-1940 production run for this Pick-29a variant was sufficient to maintain common availability in the modern collector market.

Issued during the interwar independence period of Latvia (1918-1940), this 10 Latu note reflects the nation's establishment of its own currency and financial sovereignty following independence from the Russian Empire. The imagery emphasizes traditional Latvian activities—fishing and farming—representing the agrarian character of the nation during this period. The note was produced by the State Paper Printing Works (Valsts Papiru Spiestuve) in Riga and issued until 1940, when Latvia's independence was curtailed.

The obverse features the Latvian coat of arms (heraldic shield with geometric patterns and solar motifs) on the left, with the denomination 'DESMIT LATU' prominently displayed in the center, and a detailed engraved scene of fishermen working in water at the bottom, rendered in traditional Latvian dress. The reverse displays an unidentified historical male figure in formal 19th-century attire shown in profile, set against a rural Latvian landscape with cottages and trees. Both sides feature ornate octagonal cartouches containing the denomination '10,' elaborate baroque-style decorative borders, and fine-line geometric security patterns throughout. The heraldic symbolism with eagle supporters reinforces state authority.

Front side: 'LATVIJAS VALSTS KASES ZĪME' (Latvian State Treasury Note); 'DESMIT LATU' (Ten Latu); 'FINANČU MINISTRS' (Minister of Finance); 'VALSTS SAIMN. DEP. DIREKTORS' (State Economy Department Director); 'RIGA, 1937. G.' (Riga, 1937); 'VALSTS KASES ZĪMES NODROSINATAS TO PILNA NOMINALA VERTIBA' (State Treasury Notes secured by their full nominal value); Serial number: 'J 087120'. Back side: Denomination numerals '10' and text 'DESMIT LATU' (Ten Latu) in ornate cartouches; 'PAR ZIMJU VILTOŠANU, VILTOTO ZIMJU UZGLABAŠANU UN IZPLATISANU VAINĪGIE SODAMI PĒC ATTIECĪGIEM SODU LIKUMIEM' (Those guilty of counterfeiting, possessing or distributing counterfeit notes are punished according to the relevant penalty laws).

Intaglio engraving (line engraving) with multicolor printing in black primary and red/burgundy secondary inks, printed by Valsts Papiru Spiestuve (State Paper Printing Works) in Riga. The fine line patterns, intricate geometric cartouches, and detailed portrait and landscape work are characteristic of high-quality intaglio bank note production of the 1930s. Security features include complex background patterns, fine-line geometric designs, and the use of watermarked paper with a man's head motif.

This note is identified as Pick-29a, one of four documented variants (P-29a, P-29b, P-29d, P-29e) all sharing the Man's Head watermark. The observed serial number 'J 087120' in red indicates series J. The specific variety (29a vs. 29b/d/e) is typically distinguished by signature variations, overprints, or subtle design differences; based on the visual analysis showing standard signatures and no overprints, this is consistent with the base P-29a variety. PMG population reports confirm P-29a circulation across multiple grade levels.