25 latu 1938

Common. eBay market data shows consistent sales activity across a wide range of grades and dates, with most examples selling between $8–$35 in Fine to Very Fine condition. The EF-graded example at $26.66 (June 2018) aligns with expected pricing for this condition level. With no evidence of a short print run, recall status, or scarcity in the numismatic literature, and given steady market availability over the past 15 years, this Pick number represents a regularly encountered banknote in the secondary market. The 1938 date and series B designation do not indicate any special variety or rarity premium.

This banknote was issued during the period of the independent Latvian state (1918–1940), between the world wars when Latvia maintained its own central bank and currency. The design choices reflect national pride: Lacplesis, the mythological Bear Slayer from Latvian folklore, embodied the nation's cultural identity, while the Daugava River scene represented the geographic and economic importance of Latvia's principal waterway. The 1938 date places this note in the final years of independence before Soviet occupation in 1940.

The obverse (front) features Lacplesis, the legendary Latvian folk hero and Bear Slayer, rendered as a classical male portrait on the right side of the note, symbolizing national heroism and cultural identity. The design is framed by ornate decorative elements including elaborate floral and leaf patterns in all four corners, with laurel wreath designs flanking the left and right borders—classical symbols of honor and achievement. A decorative cartouche in the center contains the issuer and denomination text with dual signature lines for the Board Chairman and Chief Director at the bottom. The reverse depicts a serene landscape scene of the Daugava River (Latvia's principal waterway) with period wooden boats, shoreline vegetation, and trees, representing the nation's geographic and economic heritage. A prominent Latvian coat of arms in a circular medallion on the left side features heraldic elements including a shield with the characteristic lion motif. Diamond-shaped frames in the upper corners display the '25' denomination. Geometric border patterns in refined linear work enhance security and aesthetic appeal throughout both sides.

FRONT SIDE: 'LATVIJAS BANKAS' (Bank of Latvia) / 'DIVDESMIT PIECI LATU' (Twenty Five Latu) / 'NAUDAS ZIME' (Banknote) / 'NAUDAS ZIMES NODROSINATAS TO PILNA NOMINALVERTIBA' (Banknote secured with full nominal value) / 'PARDES PRIEKSSEDETAJS' (Board Chairman) / 'GALVENAIS DIREKTORS' (Chief Director) / '1938' (year of issue) / Serial number: B987,238. BACK SIDE: 'DIVDESMIT PIECI LATI' (Twenty Five Lati—plural form) / 'PAR LATVIJAS BANKAS NAUDAS ZIMIJU VILTOSANU VAI VILTOTU ZIMIJU UZGLABAJANU UN IZPLATISANU VAINIGOS SODIS PEC SODU LIKUMIEM' (For forging Bank of Latvia banknotes or forged notes, storage and distribution, guilty party punished according to penal laws).

Intaglio engraving (line engraving), executed by Bradbury Wilkinson & Co., Ltd., New Malden, England—a preeminent security printer of the era. The extremely fine detail visible in both the portrait work and landscape rendering, combined with the intricate geometric patterns and border designs, are characteristic of high-quality steel plate engraving. The red serial numbers were applied separately, likely via letterpress. The precise, detailed landscape and coat of arms demonstrate the sophisticated multi-plate engraving process typical of interwar European central bank currency production.

This note is cataloged as Pick P-21a with printer designation BWC (Bradbury Wilkinson & Company). The series B designation is noted in the collector data. The serial number B987,238 confirms series B issue. PMG records indicate only one variant (P-21a) has been cataloged for this base Pick number, suggesting no known major varieties (such as significant overprints, date variations, or alternative signature combinations) exist for this denomination and year. The note appears to be a standard printing from the main issue.