25 kapeikas 1920
Market Prices
9 salesAbout This Note
This 25 Kapeikas note from 1920 presents an uncirculated example of Latvia's early treasury currency, featuring a striking ornate design centered on a large decorative numeral '25' flanked by circular ornamental elements. The entire note exhibits fine mesh and crosshatch background patterns in reddish-brown and tan coloring, with no visible wear, creases, or damage consistent with UNC preservation. This denomination represents a transitional piece of Latvian monetary history during the nation's independence period following World War I.
Common. eBay market data shows multiple sales at modest prices ($1.25–$21 range across various grades), with 2016 catalog values of $50 for UNC reflecting steady but not scarce market availability. The note was issued by an established government treasury with reasonable print runs typical of regular circulation denominations. The repeated eBay transactions across multiple years and grades indicate sufficient supply in the collector market.
Issued by the Latvian Government (Latvijas Māinas Sīkme—State Treasury of Latvia) in 1920, this banknote reflects Latvia's establishment of independent currency following its declaration of independence from Russian/Soviet control. The denominations in kapeikas (kopecks) indicate continuation of Russian monetary units during this transitional period before Latvia fully stabilized its own currency system. The ornate, fortress-like geometric patterns and formal design aesthetic typical of early 1920s Eastern European currency reflect conservative security printing practices of the era.
The note features a minimalist yet ornate design dominated by the central numeral '25' rendered in decorative serif typography with baroque flourishes. The numeral is flanked by identical ornamental circular rosette or medallion elements serving as security design components. The entire note background is covered with a fine geometric mesh or tight crosshatch pattern that creates visual complexity and anti-counterfeiting security through tonal density variation. The inscriptive text 'LATVIJAS MAINAS SIHME' appears in curved banners at top and bottom in sans-serif capitals. No portraits or named landmarks are depicted; instead, the design relies on abstract geometric ornamentation characteristic of early Soviet-influenced treasury notes.
Back side: 'LATVIJAS MAINAS SIHME' (State Treasury of Latvia or Latvian State Treasury); '25' (denomination numeral); 'KAP' (abbreviation for Kapeikas/kopecks). No front side imagery was provided in the visual analysis.
Intaglio (recess) printing, evidenced by the fine mesh background pattern, crisp registration of the ornamental elements, and the precise line work of the crosshatch security features. The ornate numerals and text exhibit the depth and clarity typical of intaglio currency printing. The mesh background pattern specifically suggests steel plate engraving with fine line work anti-counterfeiting measures common to 1920s European security printing.
PMG has catalogued two variants for Pick-11 (P-11a and P-11s), suggesting signature or security printing variations exist. Without access to the serial numbers, signatures, or printer marks visible on the submitted images, the specific variant cannot be definitively identified. The 's' designation typically indicates specimen notes, while 'a' may indicate a standard circulation printing. Visual inspection of signatures and any specimen overprints would be required to confirm which variant this example represents.
