5 rubli 1919
“serie E”
Market Prices
About This Note
This is a VF-graded 5 Rubli banknote from Latvia, issued in 1919 during the country's early independence period. The note features fine engraved work with a portrait of a man on the front and a striking central emblem featuring a flaming torch with the letter 'L' and three stars on the back, all rendered in the characteristic dark blue, cream, and red color scheme of early Latvian currency. The preservation is solid with minimal age-related wear, making this an attractive example of Latvia's first national currency issue.
Common. While this is an early issue from Latvia's independence period, the 5 Rubli denomination appears in multiple Pick catalog varieties (P-3e, P-3f, P-3s, and P-37s listed in PMG records), indicating substantial production runs. eBay market data shows consistent pricing in the $29.50–$185 USD range depending on condition, with VF-grade examples cataloging at approximately $45 USD (2016 values), which is typical for common early 20th-century national currency notes. The abundance of variants in professional grading reports and moderate market prices confirm this is not a scarce issue.
This note was issued by the newly independent Latvian state in 1919, following independence from the Russian Empire. The trilingual design (Latvian, German, and Russian) reflects Latvia's complex linguistic and political heritage during this transitional period. The central emblem on the reverse—featuring the flaming torch and the letter 'L' with three stars—symbolizes the new nation's sovereignty and aspirations, while the guarantee text emphasizes the state's commitment to backing its currency with national assets during a period of economic reconstruction.
The obverse features a classical portrait of a man in left-facing profile, positioned in the central vertical section and framed by decorative geometric borders in dark blue and cream. The denomination '5' is prominently displayed on both lateral margins. The reverse displays a symmetrical bilingual design with a central emblem featuring a flaming torch motif encircled by an ornamental frame containing the letter 'L' and three stars—representing the three historical regions of Latvia (Kurzeme, Vidzeme, and Latgale). The design employs fine guilloche patterns and geometric borders throughout, typical of security banknote production. The trilingual text (Latvian, German, and Russian) reflects the note's issuance during Latvia's transition to independence while acknowledging the linguistic communities within its borders. Both sides maintain consistent decorative framing and color schemes.
FRONT SIDE: 'Serila' (Series); 'LATVIJAS WALSIS KA' (Latvia's State [Treasury]); 'PEEZI RUBLI' (Five Rubles); '5' (denomination); 'SES SIHME' (Seal/Mark); 'FINANSU MINISTRS' (Minister of Finance); 'WALSTS KASES SIHMU NOSROSHINATAS AR WISEEM WALSTS IHPAS SCHUMEEM' (State Treasury seal guaranteed by all State resources); 'WALSTS KASES PAHRWALDNEEKS' (State Treasury Administrator); Serial designation '184520 F'. BACK SIDE: German text (left): 'LETTLANDS STAAT KASSENSCHEIN' (Latvia's State Treasury Note); 'FÜNF RUBEL' (Five Rubles); 'DIE STAATSKASSENSCHEINE SIND DURCH DAS GESAMTE VERMÖGEN DES STAATES GARANTIERT' (The state treasury notes are guaranteed by the entire assets of the state); 'WER STAATSKASSENSCHEINE NACHMACHT ODER NACHGEMACHTE IN UMLAUF BRINGT, WIRD MIT GELDSTRAFE BIS ZU 12 JAHREN BESTRAFT' (Whoever counterfeits state treasury notes or circulates counterfeited notes will be punished with fines up to 12 years imprisonment). Russian text (right): 'ГОСУДАРСТ. КАСН. ДА ЛАТВИИ' (State Treasury of Latvia); 'ПЯТЬ РУБЛЕЙ' (Five Rubles); 'ОБЯЗАТЕЛЬНСТВА ГОСУДАРСТВЕННОГО КАСС-ЛА ОБЕСПЕЧИВАЕТСЯ ВСЕМ ДОСТОЯНИЕМ ГОСУДАРСТВА' (The obligations of the State Treasury are secured by all the assets of the state).
Intaglio (engraved) printing, characteristic of high-security banknotes of this era. The fine engraved linework, complex guilloche patterns, and geometric borders visible throughout both sides are consistent with bank note printing by a specialized security printer. The precise registration and clarity of fine details suggest production by an established European security printer, though specific printer attribution for Pick P-3e would require additional archival documentation.
This specimen is identified as Pick P-3e, one of several documented varieties of the 5 Rubli 1919 issue. The visual analysis identifies series designation 'E' (matching the Pick catalog designation suffix 'e'), with serial number beginning '184520' and marked with 'F' designation. Other known varieties in this series include P-3f and P-3s, suggesting variations in series letters and possibly signature combinations. Collector notes confirm this note is from series E. The specific serial prefix and series designation are key identifying characteristics for this particular variety.
