Latvijas Banka issues a 2 euro commemorative coin "The Rising Sun"

Published: 12.09.2019

On Tuesday, 17 September, Latvijas Banka is issuing a 2 euro commemorative coin "The Rising Sun" dedicated to the history of the Coat of Arms of Latvia. At the same time, by this coin we shall also pay tribute to Ansis Cīrulis (1883–1942) artistic contribution that has been included in the Latvian Cultural Canon.

The motif of a rising sun was very popular at the time of the foundation of the Latvian state. The rising sun symbolised the new country. With the help of artist Ivars Drulle, the sun motif created by artist Ansis Cīrulis and emerging as one of the basic elements of the Coat of Arms of Latvia has reborn into the commemorative coin "The Rising Sun".

In 1915, this motif was first featured on the badges of the Latvian Riflemen Battalion and on the flag of the 1st Daugavgrīva Latvian Riflemen Battalion. It was also part of the design proposal for the symbol of an autonomous Latvia, created by artist Ansis Cīrulis in 1917 (the land and a rising sun with broken sunbeams). Later on this motif emerged as one of the basic elements of the Coat of Arms of Latvia.

The national side of the commemorative coins issued by Latvijas Banka features the inscription "LATVIJA", and the edge of the coin, like all other 2 euro circulation coins of the Republic of Latvia, features the inscription "DIEVS * SVĒTĪ * LATVIJU *". The new 2 euro coin was struck by Koninklijke Nederlandse Munt (the Netherlands).

The graphic design and plaster model of the national side of the new commemorative coin has been created by artist Ivars Drulle, while the common side of the coin bearing the nominal value (artist Luc Luycx) is the same as that of other 2 euro circulation coins, including material and size.

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Each year, every euro area country is entitled to issue two 2 euro circulation coins of special design or commemorative coins as well as one more commemorative coin within a joint programme of several euro area countries provided that such a programme is organised.

Latvijas Banka continues the tradition of minting circulation coins of special design in Latvia. Euro commemorative coins are legal tender in the Republic of Latvia and other euro area countries.

The new commemorative coins will be circulated in the same way as any other circulation money, reaching commercial and other enterprises as well as the general public through banks. The coins will be available for exchange starting from 8.30 a.m. on 17 September at the Cashier's Offices of Latvijas Banka in Riga and Liepāja. The mintage of the coin is 0.3 million pcs. Experience of Latvijas Banka shows that this quantity is sufficient to allow interested parties to exchange the coin over a period of at least several weeks. The total mintage of the coin in BU quality in a souvenir packing is 7 000 pcs. The price of the coin at the Cashier's Offices of Latvijas Banka will be 7.90 euro.

Numismatic products will be available for purchase online via Latvijas Banka's collector coin and other numismatic product site at e-monetas.lv, offering a wide range of collector coins and other numismatic products of Latvijas Banka. The site e-monetas.lv will also offer numismatic products to legal persons in Latvia. Coins for exchange, including in rolls, will be available only at the Cashier's Offices of Latvijas Banka.

Activities of Latvijas Banka regarding the issuance of collector coins and 2 euro commemorative coins

Since 1993, Latvijas Banka has issued 98 lats collector coins and 33 euro collector coins with over 50 Latvian artists having participated in designing them.

Latvian coins have earned high international respect and a number of prestigious awards; moreover, the "Coin of Latvia" won the international 2010 Coin of the Year Award at the contest organised by US Krause Publications and its magazine World Coin News. In 2015, the silver collector coin "The Baltic Way" was recognised as the Best Contemporary Event Coin at this contest. In 2018, the collector coin "National Entrepreneur" was announced the Most Artistic Coin of the Year at the contest.

The Coin Design Commission of Latvijas Banka (the former Commission for the Thematic Concept of the Banknotes and Coins), operational since 12 November 1993, plays an important role in the coin issuing process. The Commission consists of the employees of Latvijas Banka, outstanding Latvian experts of art and culture as well as artists and scientists.

After the introduction of the euro, Latvijas Banka carries on the tradition of issuing collector coin series with motifs characteristic of Latvia and executed in high artistic quality. These coins are legal tender only in the issuing country. They are unlikely to come into general circulation, for, by nature, they are works of art enjoying high demand from the numismatic community and other interested parties.

The face value of collector coins must differ from that of coins in general circulation (it must be, e.g. 5 euro or 10 euro). Their specifications, including colour, diameter, weight, material, etc., shall be cardinally distinctive from those of the coins in general circulation.

For information on the collector coins on sale at e-monetas.lv and the Cashier's Offices of Latvijas Banka, see https://www.e-monetas.lv and https://monetas.bank.lv/iegade.

The issuance of 2 euro commemorative coins (2 euro circulation coins of special design) is another area of coin art. Each year, every euro area country is entitled to issue two 2 euro commemorative coins (similar to 1 lats special circulation coins previously issued in Latvia), featuring events of national, European or global significance. The euro area countries can additionally produce a third 2 euro commemorative coin, provided that it is issued jointly and that it commemorates events of European Union-wide importance.

Commemorative coins bear the same features and the same common or European side as the normal 2 euro circulation coins, while their national sides differ and feature a national commemorating motif.

Euro commemorative coins are legal tender throughout the euro area. This means they can be used – and must be accepted – just like any other euro coin.