Bulgarian lev
Template:Short description Template:Use dmy dates Template:Infobox currency The lev (Template:Langx, plural: Template:Lang / Template:Lang,<ref>Template:Cite web</ref> Template:Lang; ISO 4217 code: BGN; numeric code: 975) is the currency of Bulgaria. In early modern Bulgarian, the word lev meant "lion"; the word "lion" in the modern standard language is lаv (Template:IPA; in Bulgarian: Template:Lang). The lev is subdivided into 100 stotinki (Template:Lang, singular: Template:Lang, Template:Lang). Stotinka in Bulgarian means "a hundredth" and is, in fact, a direct translation of the French term "centime". Grammatically, the word stotinka is derived from the Bulgarian word "sto" (сто; a hundred).
Since 1997, the Bulgarian lev has operated under a currency board arrangement, initially pegged to the Deutsche Mark at a fixed rate of 1,000 BGL = 1 DEM. Following the introduction of the euro and the redenomination of the lev in 1999, the peg was effectively set at 1.95583 BGN = 1 EUR. Since 2020, the lev has been part of the European Exchange Rate Mechanism (ERM II). In November 2023, Bulgarian euro coins design was approved by the Bulgarian National Bank.<ref>Template:Cite web</ref>
Bulgaria will adopt the euro as its official currency on 1 January 2026, replacing the Bulgarian lev.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
Etymology
The currency's name comes from the archaic Bulgarian word "lev", which meant lion,<ref>Template:Cite web</ref> just like in the case of the Romanian leu. In both cases, the lion refers to the Dutch thaler (Template:Lang "lion thaler/dollar").<ref>Euro Exhibition - Opening Speech by Mugur Isărescu, NBR GovernorTemplate:Dead link, BNR.ro</ref><ref>Numismatic issue - a set of three collector coins dedicated to 140 years since the establishment of military communications Template:Webarchive, BNR.ro</ref><ref>Romanian New Leu, oanda.com</ref> The Dutch leeuwendaalder was imitated in several German and Italian cities, and these coins circulated in Romania, Moldova and Bulgaria and gave their name to their respective currencies: the Romanian leu, the Moldovan leu and the Bulgarian lev.<ref>Template:Cite web</ref>
Bulgarian national mythologising historiography has produced much content on the lion connection, presenting it as the national symbol of Bulgaria throughout centuries.<ref>Template:Cite web</ref> Lions were common in the region until about 300 BC.<ref name= Masseti2013>Template:Cite journal</ref><ref name=Guggisberg1975>Template:Cite book</ref> In Bulgaria, the lion features in numerous historical monuments. The oldest images, found on slates in the city of Stara Zagora, date back to the 9th–10th century AD. A lion is depicted on The Madara Horseman – an impressive medieval rock relief carved into a towering rock plateau in north-eastern Bulgaria in the 7th or 8th century AD, which is on UNESCO's World Heritage List. In the Middle Ages, Bulgarian kings such as Ivan Shishman, one of the last rulers of the Second Bulgarian kingdom, celebrated the lion as a symbol of power.
In the time of Bulgarian national awakening in the years of Ottoman rule, the lion was considered and widely used as a major national symbol.<ref>Template:Cite web</ref> Paisii of Hilendar, a discerning monk and a key Revival figure, mentioned in his ground-breaking tome Template:Lang that Bulgarians had a lion on their kings' royal seal: a symbol of the bravery, courage and invincibility of Bulgarian warriors, who fought "like lions."
Lion images on revolutionary flags,<ref>Template:Cite web</ref> used in the 1876 freedom-seeking April uprising, provide a proof that the lion continued to be considered as a national symbol. In the immediate period leading up to the revolt, revolutionary flags were made, featuring a golden lion rampant and the motto "Freedom or Death". These flags, most often hand-made by local teachers or icon painters, have been preserved in Bulgarian museums to the present day. Most flags were made of green silk and had a painted or embroidered lion on them, in a heraldic posture and trampling over the Crescent – the symbol of the Ottoman Empire. The same image can be seen on items of one-time rebel outfits such as hats and buttons. In Bulgarian folklore and Revival Literature, these lion depictions were called lion signs attributed to the Bulgarian revolutionaries' image. "Young Bulgarian heroes... lion signs on their foreheads, fire blazing in their eyes," says a most popular Bulgarian Revival period song.<ref>Template:Cite web</ref>
History
Template:AnchorTemplate:AnchorFirst lev (1881–1952)
The lev was introduced as Bulgaria's currency in 1881 with a value equal to the French franc. The gold standard was suspended between 1899 and 1906 and suspended again in 1912. Until 1916, Bulgaria's silver and gold coins were issued to the same specifications as those of the Latin Monetary Union. Banknotes issued until 1928 were backed by gold (leva zlato / zlatni, лева злато / златни) or silver (leva srebro / srebarni, лева сребро / сребърни).
In 1928, a new gold standard of 1 lev = 10.86956 mg gold was established.
During World War II, in 1940, the lev was pegged to the German Reichsmark at a rate of 32.75 leva = 1 Reichsmark. With the Soviet occupation in September 1944, the lev was pegged to the Soviet ruble at 15 leva = 1 ruble. A series of pegs to the U.S. dollar followed: 120 leva = 1 dollar in October 1945, 286.50 leva in December 1945 and 143.25 leva in March 1947. No coins were issued after 1943; only banknotes were issued until the currency reform of 1952.
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Coins
Between 1881 and 1884, bronze 2, 5, and 20 stotinki, and silver 50 stotinki, 1, 2, and 5 leva were introduced, followed, in 1888, by cupro-nickel Template:Frac, 5, 10, and 20 stotinki. Gold 10 and 20 leva were issued in 1894. Bronze 1 stotinka were introduced in 1901.
Production of silver coins ceased in 1916, with zinc replacing cupro-nickel in the 5, 10, and 20 stotinki in 1917. In 1923, aluminum 1 and 2 leva coins were introduced, followed by cupro-nickel pieces in 1925. In 1930, cupro-nickel 5 and 10 leva and silver 20, 50, and 100 leva were introduced, with silver coins issued until 1937, in which year aluminium-bronze 50 stotinki were issued.
In 1940, cupro-nickel 20 and 50 leva were issued, followed, in 1941, by iron 1, 2, 5, and 10 leva. In 1943, nickel-clad-steel 5, 10 and 50 leva were struck. These were the last coins issued for this version of the lev.
Banknotes
In 1885, the Bulgarian National Bank introduced notes for 20 and 50 gold leva, followed in 1887 by 100 gold leva and, in 1890, by 5 and 10 gold leva notes. In 1899, 5, 10 and 50 silver leva notes were issued, followed by 100 and 500 silver leva in 1906 and 1907, respectively. 500 gold leva notes were also introduced in 1907.
In 1916, 1 and 2 silver leva and 1000 gold leva notes were introduced, followed by 2500 and 10,000 gold leva notes in 1919. In 1924, 5000 leva notes were issued, the first to lack a metal designation. In 1928, a new series of notes (dated 1922 and 1925) was introduced which gave the denominations solely in leva. Denominations introduced were 5, 10, 20, 50, 100, 500, 1000 and 5000 leva. These were followed in 1929 by 200 and 250 leva.
In 1930, coins up to 100 leva replaced notes, although 20-lev notes were issued between 1943 and 1950. Between 1943 and 1945, State Treasury Bills for 1000 and 5000 leva were issued.
Template:AnchorTemplate:AnchorSecond lev (1952–1962)
In 1952, following wartime inflation, a new lev replaced the original lev at a rate of 1 "new" lev = 100 "old" leva. However the rate for banking accounts was different, ranging from 100:3 to 200:1. Prices for goods were replaced at a rate of 25:1.<ref>Template:Cite web</ref> The new lev was pegged to the U.S. dollar at a rate of 6.8 leva = 1 dollar, falling to 9.52 leva on July 29, 1957.
Coins
In 1952, coins (dated 1951) were introduced in denominations of 1, 3, 5, 10 and 25 stotinki, with the lower three denominations in brass and the higher two in cupro-nickel. Shortly after, cupro-nickel 20 stotinki coins dated 1952 were also issued, followed by 50 stotinki in 1959 and 1 lev in 1960 which replaced the 1 lev note (both also in cupro-nickel). All stotinki coins feature a head of wheat around denomination on the reverse and state emblem on the obverse, while the lev coin depicts an olive branch wreath around the denomination.
Banknotes
In 1952, state notes (dated 1951)<ref>Template:Cite web</ref> were issued in 1, 3 and 5 leva, together with notes of the National Bank for 10, 25, 50, 100 and 200 leva. 500-lev notes were printed but not issued. 1 lev notes were withdrawn after the introduction of a coin in 1960. 1, 3, and 5 leva depict the state emblem, while all denominations 10 leva and up depict Georgi Dimitrov, who had a post-mortem cult of personality built up around him by that time period. The reverse side of 1 lev, 3 and 5 leva notes depict hands holding up the hammer and sickle, while higher denominations each depict workers at various trades.
Template:AnchorTemplate:AnchorThird lev (1962–1999)
Template:Infobox currency In 1962, another redenomination took place at the rate of 10 to 1, setting the exchange rate at 1.17 leva = 1 U. S. dollar, with the tourist rate falling to 2 leva on February 1, 1964. The ISO 4217 code was Template:Mono. After this, the lev remained fairly stable for almost three decades. However, like other Communist countries' currencies, it was not freely convertible for Western funds. Consequently, black market rates were five to ten times higher than the official rate. During the period, until 1989 the lev was backed by gold, and the banknotes have the text stating: "The bank note is backed by gold and all assets of the bank" (Template:Langx).
After the fall of communism, Bulgaria experienced several episodes of drastic inflation and currency devaluation. In order to change this, in 1997, the lev was pegged to the Deutsche Mark, with 1,000 lev equal to 1 DM (one lev equal to 0.1 pfennig).
Since 1997, Bulgaria has been in a system of currency board, and all Bulgarian currency in circulation has been completely backed by the foreign exchange reserves of the Bulgarian National Bank (BNB).
Coins
In 1962, aluminum-bronze 1, 2, and 5 stotinki, and nickel-brass 10, 20 and 50 stotinki and 1 lev were introduced. The coin series strongly resembles coinage from the Soviet Union during the same period, particularly in design and size.
The state emblem is depicted on the obverse of all coins, which went through several changes. The first change in 1962 with the introduction of the new coinage, and the second change in 1974, with the ribbons being the most noticeable change.
A number of commemorative 2 leva coins also circulated during this period, often released into circulation as they had relatively high production numbers and little collector's value. Higher denomination lev coins have also been introduced into circulation at an irregular basis with varying sizes and metallic compositions, including silver. Mostly due to an overstock of numismatic coins not getting sold to collectors. Similar occurrences to this can be seen with high denomination coins from East Germany and Poland during the same period.
| Image | Denomination | Diameter | Weight | Composition | Obverse | Reverse | Minted Year |
|---|---|---|---|---|---|---|---|
| 1 stotinka | 15.2 mm | 1 g | Brass | Coat of Arms | Denomination and date | 1951-1990 | |
| 2 stotinki | 18.1 mm | 2 g | |||||
| 3 stotinki | 19.8 mm | 2.4 g | |||||
| 5 stotinki | 22.35 mm | 3.1 g | |||||
| 10 stotinki | 17.1 mm | 1.8 g | Nickel-brass and copper-nickel | ||||
| 20 stotinki | 21.2 mm | 2.9 g | |||||
| 25 stotinki | 22 mm | 3.3 g | |||||
| 50 stotinki | 23.3 mm | 4.2 g | |||||
| 1 lev | 24 mm | 4.8 g |
Post-communist coins
In 1992, after the communist era, older coins were withdrawn and a new coinage was introduced in denominations of 10, 20 and 50 stotinki, 1, 2, 5 and 10 leva. All were struck in nickel-brass except for the cupro-nickel 10 leva. In 1997, nickel-brass 10, 20 and 50 leva were introduced.
Banknotes
In 1962, the National Bank issued notes for 1, 2, 5, 10 and 20 leva. A second series, in the same denominations, was issued in 1974. 50 leva notes were introduced in 1990. Again, denominations 10 leva and up featured Georgi Dimitrov, 1, 2, and 5 featured the state emblem. After the fall of the communist regime, new notes were introduced for 20, 50, 100 and 200 leva. These were followed by 500 leva notes in 1993, 1000 and 2000 leva in 1994, 5000 and 10,000 leva in 1996 (re-released with new design and look in 1997), and 50,000 leva in 1997. Furthermore, two new banknotes of 20,000 and 100,000 leva were scheduled to be introduced in 1997 and 1998, but their production was cancelled following the introduction of currency board in 1997.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
Template:AnchorTemplate:AnchorFourth lev (1999–2025)
On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark.<ref>Template:Cite web</ref> The ISO 4217 currency code for the new Bulgarian lev is BGN. The lev is pegged at €1 = 1.95583 leva (previously DEM 1 = BGN 1, continuing the fixed exchange rate from the third lev).
Coins
In 1999, coins in denominations of 1, 2, 5, 10, 20 and 50 stotinki were introduced.<ref name="Annual1999">National Bank of Bulgaria. Annual Report 1999. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_1999_en.pdf</ref> A 1 lev coin replaced the 1 lev banknote in 2002, and a 2 lev coin the 2 lev banknote in 2015.
| Image | Value | Equivalent in euros | Technical Parameters | Description | Date of | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Diameter | Mass | Composition | Edge | Obverse | Reverse | minting | Issue | Withdrawal | Lapse | ||||||
| 1 stotinka | €0.005 | 16 mm | 1.8g | 1999 - CuAlNi 2000 - Steel covered with bronze |
Plain | Value, year, twelve stars as symbol of Europe. | Country name, Madara Rider | 1999 2000 |
5 July 1999<ref name="Annual1999"/> | Current | |||||
| 2 stotinki | €0.010 | 18 mm | 2.5 g | ||||||||||||
| 5 stotinki | €0.025 | 20 mm | 3.5 g | ||||||||||||
| 10 stotinki | €0.051 | 18.5 mm | 3.0 g | CuNiZn | reeded | 1999 | |||||||||
| 20 stotinki | €0.102 | 20.5 mm | 4.0 g | ||||||||||||
| 50 stotinki | €0.255 | 22.5 mm | 5.0 g | ||||||||||||
| 1 lev | €0.511 | 24.5 mm | 7.0 g | Bimetallic: copper-nickel center in brass ring | Alternating smooth and reeded segments | Value, year, graphical pattern of two crossing lines. | Country name, saint Ivan Rilski | 2002 | 2 September 2002<ref>National Bank of Bulgaria. Annual Report 2002. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2002_en.pdf</ref> | ||||||
| 2 leva | €1.022 | 26.5 mm | 9.0 g | Bimetallic: nickel brass center in copper-nickel ring | Segmented reeding | Country name, Paisius of Hilendar | 2015 | 7 December 2015<ref>National Bank of Bulgaria. Press release: Today BNB presented a new circulation coin of 2 levs nominal value, issue 2015. Available at: https://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20151126_2LV_EN</ref> | |||||||
| Template:Standard coin table notice | |||||||||||||||
Commemorative coins
In 2004, 2005, and 2007, commemorative circulation issues were struck of the 50 stotinkas coin.<ref name="bnb.bg">Template:Cite web</ref> In 2018, a commemorative circulation issue of the 2 leva coin was issued. These coins are not found in general circulation.
Many commercial commemorative coins have also been minted.
Banknotes
In 1999, banknotes were introduced in denominations of 1, 2, 5, 10, 20, and 50 leva. 100 leva notes were added in 2003. The 1 and 2 lev notes were later replaced by coins of similar value and withdrawn from circulation.
| Image | Value | Equivalent in euros | Dimensions | Description | Date of | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Obverse | Reverse | Obverse | Reverse | Watermark | Printing | Issue | Withdrawal | Lapse | |||
| [1] | [2] | 1 lev | €0.511 | 112 × 60 mm | Ivan Rilski | Rila Monastery | Rampant lion | 1999 | 5 July 1999 | 1 January 2016<ref>Bulgarian national bank. Press release. Available at https://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20151212_EN</ref> | Indefinitely |
| [3] | [4] | 2 leva | €1.022 | 116 × 64 mm | Paisiy Hilendarski | Istoriya Slavyanobolgarskaya | 1999 2005 |
1 January 2021<ref>Bulgarian national bank. Press release. Available at https://www.bnb.bg/PressOffice/POPressReleases/POPRDate/PR_20201229_EN</ref> | |||
| [5] | [6] | 5 leva | €2.556 | 121 × 67 mm | Ivan Milev | Paintings by Ivan Milev | Ivan Milev | 1999 2009 2020 |
Current | ||
| [7] | [8] | 10 leva | €5.112 | 126 × 70 mm | Petar Beron | Astronomical instruments | Petar Beron | 1999 2008 2020 | |||
| [9] | [10] | 20 leva | €10.225 | 131 × 73 mm | Stefan Stambolov | Orlov most, Lavov most | Stefan Stambolov | 1999 2005 2007 2020 | |||
| [11] | [12] | 50 leva | €25.564 | 136 × 76 mm | Pencho Slaveykov | Poems by Pencho Slaveykov | Pencho Slaveykov | 1999 2006 2019 | |||
| [13] | [14] | 100 leva | €51.129 | 141 × 79 mm | Aleko Konstantinov | Aleko Konstantinov; his work "Bay Ganyo" | Aleko Konstantinov | 2003 2018 |
8 December 2003<ref>National Bank of Bulgaria. Annual Report 2003. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2003_en.pdf</ref> | ||
| Template:Standard banknote table notice | |||||||||||
Euro adoption
Template:Main The euro is set to replace the Bulgarian lev on 1 January 2026. Both physical currencies will circulate in parallel until 31 January 2026, after that date the lev will cease to be legal tender. The Bulgarian National Bank (BNB) will continue to exchange lev banknotes and coins indefinitely.
See also
- Bulgaria and the euro
- Commemorative coins of Bulgaria
- Economy of Bulgaria
- Medieval Bulgarian coinage
- Moldovan leu
- Romanian leu
Notes
External links
- Bulgarian National Bank: Non-periodical Publications: Catalogues
- Bulgarian Lev: Catalog of Banknotes
- Historical and current banknotes of Bulgaria
- Historical banknotes of the People's Republic of Bulgaria
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