25 rubli 1919
“serie D”
Market Prices
About This Note
This is a VF-graded 25 Rubli note from Latvia's 1919 emergency currency issue, featuring the characteristic bilingual (German/Russian) design reflecting Latvia's complex post-WWI political situation. The note displays rich Art Nouveau-style ornamentation with brown and tan coloring, and while showing its age with foxing and yellowing consistent with early 20th-century circulation, it remains well-preserved with no major tears. The presence of Series D designation and intact security features makes this an interesting example of Latvia's brief ruble-denominated currency period before conversion to the Lats system.
Common. The catalog value for VF condition is $100 USD (2016), and eBay market data shows circulation examples ranging from $18-$45 USD with significant variation in pricing. The note was issued in substantial quantities during 1919 as part of Latvia's emergency currency system, and multiple series variants (A through D at minimum) are documented in PMG population reports. Series D examples appear regularly in the market. No evidence of limited print runs, recalls, or extreme scarcity exists for this Pick number in this grade.
Issued in 1919 by the newly independent Latvian government, this note represents the transitional period following World War I and the collapse of the Russian Empire. The bilingual German and Russian inscriptions reflect Latvia's geopolitical situation as it emerged from Austro-Hungarian and Russian imperial rule. The guarantee text referencing the state's entire assets underscores the new nation's attempt to establish monetary credibility during a period of extreme economic and political instability.
The 25 Rubli P-5e features a symmetrical Art Nouveau design executed in brown and tan inks on cream paper. The obverse displays elaborate decorative geometric borders with corner embellishments, a large central denomination numeral '25' within an ornamental frame, and circular star emblems in both lower corners. The reverse presents a striking bilateral design with German text on the left and Russian/Cyrillic text on the right, separated by a central sunburst or radiating design element featuring wheat or grain sheaves at its core—symbolizing agricultural productivity and state prosperity. The central circular seal with radiating pattern serves as the primary design focus. The note lacks portraiture, typical of many transitional emergency currency issues. Multiple legal disclaimers regarding counterfeiting penalties frame the design, emphasizing security. The watermark consists of line groups with stars and hexagonal patterns (noted as present in Series D variants).
FRONT SIDE: 'Latvijas valsts kafes fihmes' (Latvia State Cash Treasury); 'Rubli' (Rubles); 'Serija' (Series); Serial number '332551 D'; Date '1919'; State treasury security declaration regarding state property backing. BACK SIDE: German text - 'LETTLANDS STAATS-KASSENSCHEIN' (Latvia State Treasury Note); '25 RUBEL' (25 Rubles); Counterfeit warning: 'WER STAATSKASSENSCHEINE NACHMACHT, ODER NACHGEMACHTE SICH VERSCHAFFT UND IN VERKEHR BRINGT, WIRD UNTER VERLUST ALLER RECHTE MIT ZWANGSARBEIT BIS ZU 12 JAHREN BESTRAFT' (Whoever counterfeits state treasury notes, or procures counterfeited ones and brings them into circulation, will be punished with forced labor for up to 12 years and loss of all rights); Guarantee: 'Die Staatskassenscheine sind durch das gesamte Vermögen des Staates garantiert' (The state treasury notes are guaranteed by the entire assets of the state). Russian text - 'ГОСУДАРСТВЕННОГО КАЗНАЧЕЙСТВА ЛАТВИИ' (State Treasury of Latvia); '25 РУБЛЕЙ' (25 Rubles); Counterfeit warning: 'ЗА ПОДДЕЛКУ ОБЯЗАТЕЛЬСТВ ГОСУДАРСТВ. КАЗНАЧЕЙСТВА, ХРАНЕНИЕ И РАСПРОСТРАНЕНИЕ ПОДДЕЛЬНЫХ, ВИНОВНЫЕ ПОДВЕРГАЮТСЯ ЛИШЕНИЮ ВСЕХ ПРАВ СОСТОЯНИЯ И СЕМЬИ И КАТОРЖНЫМ РАБОТАМ ДО 12 ЛЕТ' (For counterfeiting state treasury obligations, storage and distribution of counterfeits, the guilty are subject to deprivation of all rights of state and family and hard labor for up to 12 years); Guarantee: 'Обязательства Государственного Казначейства обеспечиваются всим достоянием Государства' (The obligations of the State Treasury are secured by all the property of the State).
Typographic/letterpress printing combined with intaglio engraving for the fine decorative elements and security features. The intricate ornamental borders, geometric patterns, and fine line work characteristic of early 20th-century security printing are evident in the visual analysis. The note was produced by a European security printer experienced in multi-language currency production; G&D (Giesecke+Devrient) is confirmed as the printer for related denominations in this series (P-58), and likely produced this denomination as well.
This is P-5e, Series D variant, serial number 332551 D. The PMG population reports indicate at least six documented variants of the 25 Rubli denomination (P-5a through P-5h), differentiated primarily by watermark types (ranging from light lines to stars and hexagons). This Series D example exhibits the 'Stars & hexagons' watermark variant documented in realbanknotes.com reference data. The serial number prefix format '332551 D' confirms the Series D designation noted in collector records. Other variants in this Pick number include P-5g (light lines watermark) and P-5h, indicating ongoing printing variations throughout 1919.
