25 Rubļi

Latvia's State Treasury (Latvijas Valsts Kases) began issuing these notes in 1919, the year the country was simultaneously fighting Soviet and German forces for its survival as an independent state. The sheer number of distinct series — A through S, skipping certain letters — and the rotating watermark papers and serial number colours reflect improvised production under genuine wartime pressure, not orderly central bank planning.

The signature change from Purinsch & Vanags to Kalnings & Vanags, which appears mid-run within Series F and G before carrying into the later series, marks a personnel transition that coincided with the stabilisation period of 1919–1920. Later series with the stars-and-hexagons watermark used more securely sourced paper stock than the earliest black and blue serial issues.