The sculpture, located at a fish-packing factory in the western Latvian city of Liepaja, portrays a metallic can with the message: "Sprats. Made in 1892" and "Expiry date unlimited."
It was designed by the factory workers and it was paid for by the factory management.
The director of the factory, Igor Krupnik, said: "We have decided to immortalize sprats in their historic motherland."
Last year, the world's first monument to sprats was erected in Russia's Baltic exclave of Kaliningrad.