Bulgarian lev

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Bulgarian lev
Български лев (Bulgarian)

20 leva gold coin (1894)

ISO 4217
Code BGN
Denominations
Subunit
 1/100 stotinka
Plural levove, numeric: leva
 stotinka stotinki
Symbol лв.

lev – kint ; 1,000 leva – bon

Nickname
[1]

Banknotes
 Freq. used 2, 5, 10, 20, 50 leva
 Rarely used 1, 100 leva
Coins 1, 2, 5, 10, 20, 50 stotinki, 1, 2 leva
Demographics
User(s) Bulgaria
Issuance
Central bank Bulgarian National Bank
  Website www.bnb.bg
Mint Bulgarian Mint
 Website www.mint.bg
Valuation
Pegged with euro = 1.95583 leva

The lev (Bulgarian: лев, plural: лева, левове / leva,[2] levove) is the currency of Bulgaria. It is
divided in 100 stotinki (стотинки, singular: stotinka, стотинка). In archaic Bulgarian the word
"lev" meant "lion", a word which in the modern language became lăv (IPA: /lɤf/) (in Bulgarian:
лъв). Stotinka comes from the word "sto" (сто) - a hundred.

Contents
 1 History

o 1.1 First lev (1881–1952)

 1.1.1 Coins

 1.1.2 Banknotes

o 1.2 Second lev (1952–1962)

 1.2.1 Coins

 1.2.2 Banknotes

o 1.3 Third lev (1962–1999)

 1.3.1 Coins

 1.3.1.1 Post-communist coins

 1.3.2 Banknotes

o 1.4 Fourth lev (1999–present)

 1.4.1 Euro adoption

 1.4.2 Coins

 1.4.2.1 Commemorative coins

 1.4.3 Banknotes
  2 Exchange rate

 3 See also

 4 Notes

 5 External links

History
First 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" or "zlatni",
"лева злато" or "златни") or silver ("leva srebro" or "srebarni", "лева сребро" or "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.

Coins

1883, 50 stotinki

1912 20 stotinki
1884 5 leva

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 2 1⁄2, 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

500 Leva banknote of 1942, Tsar Boris III

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.

Second 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.[3] 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 three 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)[4] 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 postmortem
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.

Third lev (1962–1999)

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 BGL. 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" (Bulgarian: "Банкнотата е обезпечена със
злато и всички активи на банката").
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 1000 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 backed 100% by the foreign exchange reserves of the Bulgarian National
Bank (BNB).

Coins

Comparison between Soviet (left) and Bulgarian (right) 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 lev 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.

Communist era coins

Minted
Image Denomination Diameter Weight Composition Obverse Reverse
Year
1 stotinka 15.2 mm 1 g
2 stotinki 18.1 mm 2 g Brass
5 stotinki 22.35 mm 3.1 g
Coat of Denomination and
10 stotinki 17.1 mm 1.8 g 1962-90
Arms date
20 stotinki 21.2 mm 2.9 g
Nickel-brass
50 stotinki 23.3 mm 4.2 g
1 lev 24 mm 4.8 g

Post-communist coins
10 leva (1997)

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, and 50,000 leva in 1997.

Fourth lev (1999–present)

On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1 Deutsche Mark.[5]
The ISO 4217 currency code for the new Bulgarian lev is BGN. The currency was no longer
backed by gold and silver; thus the banknotes lost the text stating the lev's backing by gold or
bank assets.

Euro adoption

Main article: Bulgaria and the euro

Since Bulgaria gained EU membership in 2007 various dates have been suggested as the
expected end of the lev: towards the end of that year 1 January 2012 was a possible date;[6]
however, the global financial crisis of 2008 and the Eurozone crisis cooled the initial enthusiasm
for the euro. Nevertheless, in 2009 The Economist noted suggestions to accelerate Bulgaria's path
to the euro, or even let it be adopted immediately, despite the EU institutions' unwillingness to
deviate from a policy of euro adoption only after five Euro convergence criteria have been met.[7]
In 2011 the Bulgarian finance minister Simeon Djankov acknowledged his earlier eagerness for
Bulgaria to join the euro, but considered 2015 as a more likely date.[8] If Bulgaria follows the
standard path to euro adoption, it would use the euro two years after joining the European
exchange rate mechanism (ERM II) (a formality given the lev's peg to the euro). In late 2010,
given Bulgaria's improving economy, analysts thought that Bulgaria would join the ERM II the
following year.[9] However, the continued postponement of joining the mechanism has prevented
Bulgaria meeting all five convergence criteria: its rebounding economy later met the four other
criteria.[10]

Coins

In 1999, coins in denominations of 1, 2, 5, 10, 20 and 50 stotinki were introduced.[11] A 1 lev coin
in 2002 replaced the 1 lev banknote introduced in 1999. In November 2014 it was announced
that coins of 2 leva to replace banknotes of the same value are to be introduced on December 7,
2015.[12]

Coins of the fourth lev (1999–present)[13]

Technical parameters Description Date of
Imag
Value Diamete Mas Compositio Obvers Revers mintin withdraw laps
e Edge issue
r s n e e g al e
1 Value,
stotink 16 mm 1.8g year,
a Country
twelve
name, 1999 5 July
2 CuAlNi Plain stars as Current
18 mm 2.5 g Madara 2000 1999[11]
stotinki symbol
Rider
5 of
20 mm 3.5 g Europe.
stotinki
10 Value,
18.5 mm 3.0 g
stotinki year,
Country
20 twelve
20.5 mm 4.0 g CuNiZn name, 5 July
stotinki riffled stars as 1999 Current
Madara 1999
symbol
50 Rider
22.5 mm 5.0 g of
stotinki Europe.
Value,
outer circle: year, Country
yellowish serrate graphica name, 2
1 lev 24.5 mm 7.0 g alloy d by l pattern saint 2002 Septembe Current
inner circle: sectors of two Ivan r 2002[14]
white alloy crossing Rilski
lines.
outer circle:
white alloy Value,
Country
CuNiZn year,
name,
serrate graphica 7
Paisius
2 leva 26.5 mm 9.0 g d by l pattern 2015 Decembe Current
inner circle: of
sectors of two r 2015
yellowish Hilenda
crossing
alloy CuNi r
lines.
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Commemorative coins

Main article: Commemorative coins of Bulgaria

In 2004, 2005 and 2007 commemorative circulation issues were struck of the 50 stotinkas coin.
[13]
Also many commercial commemorative coins have 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 lev note has been nearly completely replaced in everyday use
by the 1 lev coin. The 2 leva note was replaced in everyday use by a coin on December 7, 2015.

Banknotes of the fourth leva (1999–present)[13]

Image Description Date of
Valu Dimensio Watermar
Obver Rever printi withdraw laps
e ns k Obverse Reverse issue
se se ng al e
Was
112 × replaced
[1] [2] 1 lev Ivan Rilski Rila Monastery 1999
60 mm by the 1
Rampant lev coin
lion Was
Paisiy Istoriya
2 116 × 1999 replaced
[3] [4] Hilendarsk Slavyanobolgars
leva 64 mm 2005 by the 2
i kaya
leva coin
5 July
5 121 × Paintings by Ivan 1999
[5] [6] Ivan Milev Ivan Milev 1999
leva 67 mm Milev 2009
10 126 × Petar Petar Astronomical 1999
[7] [8]
leva 70 mm Beron Beron instruments 2008
20 131 × Stefan Stefan Orlov most, 1999
[9] [10]
leva 73 mm Stambolov Stambolov Lavov most 2007
Poems by
50 136 × Pencho Pencho 1999
[11] [12] Pencho
leva 76 mm Slaveykov Slaveykov 2006
Slaveykov
Aleko
8
Aleko Aleko Konstantinov; his
100 141 × Decemb
[13] [14] Konstantin Konstantin work "Bay 2003
leva 79 mm er
ov ov Ganyu" (Uncle
2003[15]
Ganyu)
These images are to scale at 0.7 pixels per millimetre. For table standards, see the banknote specification table.

The contemporary 2 lev banknote contains Paisiy Hilendarski, his monastery, the Coat of Arms
of the Second Bulgarian Empire, images and seals of some kings, a double-headed eagle; the 5
lev banknote contains the painter Ivan Milev Lalev, a man with a crown of thorns, a face with
shield(or a pregnant women with a belly) touching it, and the sideview of a creature with а sickle
and hood resembling the death; on the 10 lev banknote Petar Beron is visible with a whale, a
rhino, a telescope, a globe of Earth and Saturn; a 20 lev banknote contains Stefan Stambolov, the
1878 seal of Veliko Tarnovo, three arrows hitting heels of lions, the parliament building hit by an
arrow, a lion hit by an arrow in the back behind an eagle, a flywheel with six arrows; on the 50
lev Pencho Slaveykov and the ghost of his lover are shown, a phaeton, the building of the theater
in Sofia and a bird; on the 100 lev banknote Aleko Konstantinov is shown with his work "Bay
Ganyo untold tales of a contemporary Bulgarian" hit by a spear in the chest through his pocket
watch.

Exchange rate
The fourth lev was pegged to the German mark at par from the start. With the replacement of the
Deutsche Mark by the euro, the lev's peg effectively switched to the euro at the rate of 1.95583
leva = 1 euro (precisely equivalent to the Deutsche Mark's fixed exchange rate to euro). This rate
is unlikely to change before the lev's eventual retirement. (Bulgaria committed to adopting the
euro as part of its joining the EU.) On 25 April 2005, when the country's EU accession treaty was
signed, the BNB issued a commemorative coin with the face value of 1.95583 leva.

Current BGN exchange rates

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