25 latu 1938

Common. eBay market data shows consistent sales ranging from $3.35 to $90 USD depending on condition, with the majority of transactions in the $8–$35 range for Fine to Very Fine grades. The 2016 catalogue valuation of $175 for UNC reflects a higher estimate than recent market performance. The note's relatively modest pricing across the extended sales history indicates this was a substantial print run and remains readily available to collectors. The UNC grade commands a significant premium over circulated examples, but the denomination itself is not rare.

This banknote was issued during Latvia's interwar independence period (1918–1940), when the nation was establishing its own monetary system and national identity following World War I. The imagery reflects Latvian cultural symbolism—the allegorical figures embody national character, while the Daugava River raft scene commemorates the traditional transportation and agricultural heritage of the Latvian people. The prominent positioning of the Latvian coat of arms underscores national sovereignty during a brief but significant period of Baltic independence before Soviet occupation.

The obverse features two allegorical male figures—likely representing the Latvian national hero Lacplesis (Bear Slayer) and another personification of Latvian virtue or strength—positioned on either side of the central cartouche containing the denomination text, signatures, and official seals. The design employs classical engraved portraiture with fine detail work typical of high-security banknote production. The reverse presents a romanticized landscape scene depicting the Daugava River with a traditional wooden raft or barge in the center, flanked by riverbank vegetation and trees, conveying Latvia's agrarian and riverine heritage. A circular medallion on the left displays the Latvian coat of arms featuring lions, heraldic shields, and crown symbolism. Both sides are framed by elaborate decorative borders incorporating geometric patterns, floral wreath elements, and corner ornaments bearing the denomination 25.

FRONT: 'LATVIJAS BANKAS' (Bank of Latvia); 'DIVDESMIT PIECU LATU' (Twenty-five Latu); 'NAUDAS ZIME' (Banknote); 'NAUDAS ZIMES NODROSINATAS TO PILNA NOMINALVERTIBA' (Banknote secured by its full nominal value); 'PAROMES PRIEKSSEDTAUS' (Chairman of the Board); 'GALVENAIS DIREKTORS' (Chief Director); '1938' (issue year); 'BRADBURY, WILKINSON & CO LTD NEW MALDEN, SURREY, ENGLAND' (printer identification); Serial number 'C133237'. BACK: 'DIVDESMIT PIECI LATI' (Twenty-five Lats); 'PAR LATVIJAS BANKAS NAUDAS ZIMJU VILTOSANU VAI VILTOTU ZIMJU UZGLABASANU UN IZPLATISANU VAINIGOS SODIS PEC SODU LIKUMIEM' (For counterfeiting Latvian Bank banknotes or possession and distribution of counterfeit notes, punishment according to criminal laws).

Intaglio engraving (line engraving and steel plate engraving), executed by Bradbury, Wilkinson & Co Ltd, a premier British security printer based in New Malden, Surrey. The fine line work, cross-hatching patterns, and intricate decorative borders visible throughout the note are characteristic of high-quality steel plate intaglio production. The detail and security patterning reflect the technical capabilities of one of Europe's leading banknote printers during the 1930s.

This note is identified as Pick P-21 with the noted variant P-21a (printer mark BWC for Bradbury, Wilkinson & Co). The specific specimen presented bears serial number C133237 from series C. The red serial numbering and printer attribution confirm this as a standard issue example from the primary production run. No evidence of significant varieties (such as overprints, signature variations, or color variants) is apparent in the visual analysis.