The coin has been designed by Ilmārs Blumbergs and modelled by Jānis Strupulis. The new 1-lats coins are struck at Münze Österreich (Austria).
The Bank of Latvia commenced minting special 1-lats circulation coins 12 years ago, and theParity Coin concludes the cycle. As of 1 January 2014, Latvia will introduce the euro and become a fully-fledged member of the Economic and Monetary Union; nevertheless, the tradition to issue special circulation coins will continue. A coin with an image of a stork opened the series, and since 2004 a new coin to mark a special occasion has been put into circulation twice a year (click here for the details on full set of special 1-lats circulation coins). The Parity Coin is the 23rd special 1-lats circulation coin.
The reverse of the new 1-lats coin shows a symmetrical mirror image of numeral "1", a component of the inscription "1 LATS" and "1,42 EIRO". The obverse displays the number 2013, the year of minting, below the coat of arms of the Republic of Latvia. In terms of edge, size, metal or weight, there are no other distinctive features between the new coin and its other 1-lats circulation counterparts.
The total circulation of the coin is 500 000, and, like all other special 1-lats circulation coins, it will not be supplemented.