Wiring And Schematic

Half of RL1 and RL2 manipulate the switching and the other is connected to an application. Relays are 200 ohms above ground and at one point are referenced to positive that turns them off.

Description:

RL1 (which is off) applies plus voltage from its armature and latches RL2 “on”. The application terminals are set to [A]. The condition changes when S1 is activated, voltage is applied to RL2 latching RL1 “on” releasing S1 turns RL2 “off”. RL2’s armature is then directed to R1. Terminals are set to [B].

When S1 is pressed again, the relays negative side are referenced to positive, RL1 turns “off” (there’s no current flow). RL2 turns “on” when S1 is released, terminals are set to [A]. There is slight lag between relays depending on how long S1 is held.

Note: 

If different relays are used, adjustment of R1’s value may be required. For example, OEG relays (12vdc, 270 ohm coil) need R1 at 60 - 70 ohms. The prime motivation for this design was to avoid using toggle switches for my audio control panel. Another plus, it can be controlled from a remote transmitted pulse.Link