10 Latu 1940

Common. Secondary market data (eBay sales history 2013–2024) shows consistent circulation with prices ranging from $2.27 to $121.38 depending on condition grade. UNC examples have sold for $60–$115.83 in recent years, and 2016 catalogue values list UNC at $100. The consistent availability of graded examples (PMG population includes multiple variants P-29a through P-29e) and steady market turnover indicate this note was produced in substantial quantity. While the UNC grade carries moderate collector value, the note itself is not scarce.

Issued by Latvijas Valsts Kases (Latvian State Treasury) in 1940, this note represents the final period of Latvian monetary independence before the Soviet occupation. The imagery—fishermen and a farmer/agricultural figure—reflects Latvia's economy rooted in fishing and agriculture. The heraldic eagle and classical iconography on the reverse symbolize the nation-state during the authoritarian period under Kārlis Ulmanis's regime (1934–1940), making these notes historically significant artifacts of interwar Baltic nationalism.

The obverse features a labor-focused composition depicting fishermen (identified in the visual as 'figures wading or working in water') engaged in their trade within a water scene, representing Latvia's maritime and fishing heritage. The reverse displays a classical allegorical male figure dressed in draped historical garments with a starred belt, symbolizing the Latvian state or national virtue, positioned above the heraldic coat of arms featuring a spread-winged eagle—the national emblem of Latvia. Both sides are framed by intricate baroque-style ornamental borders with corner flourishes. An oval emblem with decorative cross-hatching appears on the obverse left side. The rural landscape on the reverse (cottage and trees) reinforces the agricultural-pastoral identity of the nation. Large ornamental numeral '10' circles anchor the reverse corners. The overall design employs classical allegorical and nationalist iconography typical of interwar European state currencies.

FRONT: 'LATVIJAS VALSTS KASES ZĪME' (Latvian State Treasury Note) — main header; 'DESMIT LATU' (Ten Latu) — denomination; 'VALSTS KASES ZĪMES NODROŠINĀTAS TO PILNĀ NOMIŅĀLA VĒRTĪBĀ' (State treasury notes are secured to their full nominal value) — guarantee clause; 'FINANSU MINISTRS' (Finance Minister) and 'VALSTS SAIMN.DEP.DIREKTORS' (State Economy Department Director) — signature lines; 'RĪGA, 1940. G.' (Riga, 1940) — place and date. Serial numbers: 'DF 014962' (primary). BACK: 'DESMIT' and 'LATU' (Ten Latu) — denomination text; '10' (numerals in corner circles) — denomination numerals; 'PĀR ZIMJU VILTOŠANU, VILTOTO ZIMJU UZGLABĀŠANU UN IZPLATĪŠANU VAINIGIE SODAMI PĒC ATTIECĪGIEM SODU LIKUMIEM.' (For counterfeiting, storing and distributing counterfeit notes, offenders are punished according to relevant criminal laws) — anti-counterfeiting warning.

Intaglio (copperplate) engraving executed by Valsts Papīru Spiestuve (State Printing Works), Riga. The note displays characteristic fine-line engraving throughout, complex guilloché (engine-turned) patterns in borders and backgrounds, and multi-layer decorative security elements typical of high-security banknote production. The precision of the baroque ornaments, the depth of the portrait work, and the intricate heraldic detailing confirm professional intaglio production standards used for Latvian state currency during this period.

This note is identified as Pick P-29d variant (Watermark: Man's Head). The visual analysis confirms series prefix 'DF' with serial number '014962'. The 1940 date on the note places it within the final production run of this denomination before the Soviet occupation. PMG cataloging recognizes four variants (P-29a, P-29b, P-29d, P-29e) for the 10 Latu base Pick number; this specimen is specifically the P-29d variety. The handwritten signatures visible on the obverse are consistent with official Finance Minister and State Economy Department Director authorization typical of 1940 issuance.