The design for Latvia’s version of the euro will be determined in a competition announced Jan. 21 by the Bank of Latvia, the country’s central bank.

Latvia is set to join the European Union this May. Eventually, the national currency, the lats, will be replaced by the EU’s euro.

While all EU countries use the same banknotes, the eight euro coins differ from country to country, with one common EU side and one national side (the reverse). One euro has 100 cents, with coins available in 1-, 2-, 5-, 10-, 20- and 50-cent, as well as 1- and 2-euro denominations.

The Bank of Latvia’s competition will determine not only the look of Latvia’s euro coins, but also how many different designs will be displayed on the coins. Countries may choose to have one common national design, or up to eight different designs.

Entries are due April 1. A jury will announce the winner by May 21, the bank said in a press release.

Top prize in the competition is LVL 1,000.

Further details about the competition are available from the Bank of Latvia’s Web site.