10 Latu 1938

Common. The eBay market data shows regular sales of this note across multiple condition grades over more than a decade, with UNC examples selling in the $32-52 range historically (2009-2021), indicating steady collector demand but no scarcity. The note was issued during a stable 4-year period (1937-1940) by Latvia's government as part of regular currency circulation, and while no specific print run figures are available, the frequency of market appearances and relatively modest prices for high grades suggest adequate original mintage. Modern auction and dealer activity continues to treat this as a standard interwar European banknote rather than a scarce variety.

Issued by Latvijas Valsts Kases (Latvian State Treasury) during the 1937-1940 period, this note represents Latvia's independent currency era between the two World Wars. The prominence of heraldic symbolism and the dignitary portrait reflect the nationalist sentiment of 1930s Latvia, while the vignettes of fishermen and agricultural labor on the obverse and reverse celebrate the nation's economic foundations in traditional occupations during a period of national consolidation.

The obverse features a left-aligned ornate heraldic coat of arms with elaborate filigree border containing Latvia's lion and eagle symbols, the denomination 'DESMIT LATU' prominently displayed in the center, rosette corner ornaments, and a lower vignette depicting four fishermen engaged in water-related labor, representing Latvia's maritime and fishing heritage. The reverse showcases a formal profile portrait (facing left) of a Latvian state dignitary in striped military or official dress uniform, centered above a heraldic shield bearing the Latvian coat of arms flanked by decorative winged elements, with ornate circular denomination frames containing '10' in both lower corners, and a building structure visible in the background landscape. The entire design is framed by elaborate decorative borders incorporating floral and geometric patterns executed in fine line engraving.

Front: 'LATVIJAS VALSTS KASES ZIME' (Latvian State Treasury Note); 'DESMIT LATU' (Ten Latu); 'VALSTS KASES ZIMES NODROŠINĀTAS TO PILNĀ NOMINĀLĀ VĒRTĪBA' (State Treasury Notes are secured by their full nominal value); 'FINANČU MINISTRS' (Minister of Finance); 'VALSTS SAIMN. DEP. DIREKTORS' (State Economic Department Director); 'RIGA, 1938. G.' (Riga, 1938); Serial number 'AM 039517' (repeated). Back: '10' and 'DESMIT LATU' (Ten Latu, repeated in both corners); 'PAR ZĪMJU VILTOŠANU, VILTOTO ZĪMJU UZGLABĀŠANU UN IZPLATĪŠANU VAINIGIE SODĀMI PĒC ATTIECĪGIEM SODU LIKUMIEM' (Counterfeiting, storage and circulation of counterfeit notes are punishable according to applicable penalty laws).

Intaglio engraving (line engraving) executed by Valsts Papiru Spiestuve (State Paper Printing Works) in Riga. The note exhibits the characteristic crisp detail, fine line work, and security features typical of high-quality banknote production of the 1930s, including intricate filigree patterns, complex border designs, and detailed portraiture rendered through traditional engraved steel plate printing.

This specimen is identified as Pick P-29b, characterized by watermark of a man's head. The serial number prefix 'AM' with number 039517 identifies this as part of the AM series documented in collector records. The Pick catalog lists four variants for this denomination (P-29a, P-29b, P-29d, P-29e), all sharing the same man's head watermark but potentially differing in signatures, printer marks, or subtle design elements. The 1938 date on this note and the AM series prefix align with the cataloged issue period of 1937-1940.