On May 4, 1990, Latvia declared its independence which was subsequently accepted on August 28, 1990 by the Soviet Union. Initially, the Russian Rubel currency remained the valid means of payment. As of May 7, 1992 ,the Latvian Rubel (1 LVR = 100 Latvian Kopeks) was introduced. This currency was valid until October 18, 1993, but could be exchanged to the new Lats currency (1 Lats = 100 Santimi) until June 30, 1994, which was introduced on March 5, 1993.

All stamp issues in Rubel and LVR currency lost their franking validity on July 1, 1994, and were thus no longer sold. Some of the issues (National coat of arms, Riga liberty monument, Monuments) were re-issued on March 30, 1998, their face value now representing the Lats/Santimi currency.

Monuments