The Bulgarian lev (BGN), the national currency of Bulgaria, has a history stretching back 145 years. The lev is divided into 100 stotinki and, in its earliest form, contained a weight of five grams with 4.175 grams of pure silver. The first coins issued were in copper, followed by gold and silver, establishing a physical presence for the newly adopted currency.

The Coinage Act, passed shortly after Bulgaria’s Liberation, effectively laid the groundwork for the lev. Pegged to the then-powerful French franc, it reflected an effort to align Bulgaria’s financial system with Western European standards. Among collectors, the oldest known coin - a one-stotinka piece from 1883 - is now owned by numismatist Todor Dobrev, who recalls a time when silver coins held face value parity. “They used to sell silver five-lev coins for five leva. Now they release 20-lev coins and charge 250 leva for them,” he notes.

In 1882, silver coins for Bulgaria were minted in Russia. A few years later, in 1885, the country introduced its first banknotes—denominations of 20 and 50 leva, backed by gold reserves. A glut of silver rubles circulating at the time was one of the driving factors behind the creation of the lev. There was also an ambition to join a monetary union. Economic historian Prof. Pencho Penchev explains that Bulgaria tried to emulate the Latin Monetary Union, though it never formally joined. According to him, some political figures, like Stefan Stambolov, were even opposed to the currency being called a "lev," preferring the name “franc” instead.

Trust in the early banknotes was low, largely due to the memory of the Ottoman Empire’s unreliable paper money, the kaimé. Still, in the years leading up to the Balkan Wars, the lev saw a period of strength, supported by a solid gold standard. Over the decades, various reforms followed—none more dramatic than those after the fall of communism.

Prof. Penchev describes that brief era before political changes as the only time the lev might have been considered truly independent - though he quickly adds that “independent” is a fluid concept in monetary policy. Then came 1991. In a sweeping move, Prime Minister Dimitar Popov's government removed price controls, leading to a period of consumer panic and empty shelves. His now-famous plea - "For God’s sake, brothers, don’t buy!" - echoed across the nation as people lined up for basic food items that were no longer available.

With inflation spiraling, the Bulgarian National Bank began issuing increasingly high-value notes. At its peak, inflation turned into full-blown hyperinflation in 1996–1997. “When a currency falls into the wrong political hands, nothing good can come of it,” says Penchev. At the time, a U.S. dollar could be bought for 3,000 leva - a rate so startling that Penchev still keeps one of those banknotes.

To regain control, Bulgaria implemented a Currency Board in 1997. The lev was pegged first to the Deutsche Mark, then to the euro. In 1999, a major denomination took place, resulting in the banknotes still used today. Over its history, nearly 30 versions of banknotes have circulated.

For Penchev, the future of the lev - and Bulgarian money more broadly - hinges on trust. “History has the answer. If we lie to ourselves less and trust each other more, the type of currency won’t matter as much.” He recalls the words of 19th-century public figure Petko Slaveykov: “When it comes to money, we all know what it is. But when it comes to making money, we should listen to the experts.”