Thelev (Bulgarian:лев, plural:лева, левове /leva,[4]levove;ISO 4217 code:BGN; numeric code: 975) is thecurrency ofBulgaria. In old Bulgarian, the wordlev meant "lion"; the word "lion" in the modern language islаv (IPA:[ɫɤf]; in Bulgarian:лъв). The lev is divided in 100stotinki (стотинки, singular:stotinka,стотинка).Stotinka in Bulgarian means "a hundredth" and in fact is a transliteration of the French term "centime." Grammatically, the wordstotinka comes from the word "sto" (сто; a hundred).
Since 1997, the lev has been in acurrency board arrangement with initially theDeutsche Mark at a fixed rate of BGL 1000 to DEM 1. After the introduction of theeuro and the redenomination of the lev in 1999, this has resulted in a fixed rate to the euro of BGN 1.95583 : EUR 1. Since 2020, the lev has been a part of theEuropean Exchange Rate Mechanism (ERM II). When all the conditions have been met, Bulgaria should join the Eurozone as soon as the price stability criteria have been met. In November 2023, Bulgarian euro coin designs were revealed and approved by theBulgarian National Bank.[5]
The currency's name comes from the archaic Bulgarian word "lev," which meantlion.[6], just like in the case of theRomanian leu. In both cases, the lion refers to theDutch thaler (leeuwendaalder "lion thaler/dollar").[7][8][9] The Dutchleeuwendaalder 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: theRomanian leu, theMoldovan leu and theBulgarian lev.[10]
Dutch Thaler, depicting a lion, the origin of the Bulgarian "Lev"
Bulgarian national mythologising historiography has produced much content on the lion connection, presenting it as the national symbol of Bulgaria throughout centuries.[11] Lions were common in the region until about 300 BC.[12][13] In Bulgaria, the lion features in numerous historical monuments. The oldest images, found on slates in the city ofStara Zagora, date back to the 9th–10th century AD. A lion is depicted on TheMadara 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 onUNESCO's World Heritage List. In the Middle Ages, Bulgarian kings such asIvan 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 bondage, thelion was considered and widely used as a major national symbol.[14] Paisii of Hilendar, a discerning monastic and a key Revival figure, mentioned in his ground-breaking tomeIstorija Slavjanobolgarskaja thatBulgarians had a lion on their kings' royal seal: asymbol of the bravery, courage and invincibility of Bulgarian warriors, who fought "like lions."
Lion images on revolutionary flags,[15] used in the 1876 freedom-seeking April uprising, provide a proof that the lion continued to be considered as a nationalsymbol. 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. InBulgarian 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.[16]
The lev was introduced as Bulgaria's currency in 1881 with a value equal to theFrench franc. Thegold 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 theLatin 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 waspegged to theGerman Reichsmark at a rate of 32.75 leva = 1 Reichsmark. With theSoviet occupation in September 1944, the lev was pegged to theSoviet ruble at 15 leva = 1 ruble. A series of pegs to theU.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.
1883, 50 stotinki (the hole seen was punched through the coin to enable its wearing as an ornament, and is not standard)1912 20 stotinki1884 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-nickel2+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.
In 1885, theBulgarian 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.
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.[17] 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.
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.
In 1952, state notes (dated 1951)[18] 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 depictGeorgi Dimitrov, who had a post-mortemcult 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.
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 wasBGL. 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 theDeutsche Mark, with 1,000 lev equal to 1 DM (one lev equal to 0.1 pfennig).
Since 1997, Bulgaria has been in a system ofcurrency board, and all Bulgarian currency in circulation has been completely backed by the foreign exchange reserves of theBulgarian National Bank (BNB).
In 1962,aluminum-bronze 1, 2, and 5 stotinki, andnickel-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 ofnumismatic coins not getting sold to collectors. Similar occurrences to this can be seen with high denomination coins fromEast Germany andPoland during the same period.
In 1992, after thecommunist 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 thecupro-nickel 10 leva. In 1997, nickel-brass 10, 20 and 50 leva were introduced.
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.[19][20]
On 5 July 1999 the lev was redenominated at 1000:1 with 1 new lev equal to 1Deutsche Mark.[21] TheISO 4217 currency code for the new Bulgarian lev isBGN. The lev is pegged at €1 = 1.95583 leva (previously DEM 1 = BGN 1, continuing the fixed exchange rate from the third lev).
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;[22] however, the2007–2008 financial crisis and theEurozone crisis reduced the initial enthusiasm for the euro. Nevertheless, in 2009The 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 fiveEuro convergence criteria have been met.[23] 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.[24] If Bulgaria follows the standard path to euro adoption, it would use the euro two years after joining theEuropean 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.[25] 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.[26]
On 10 July 2020, along withCroatia, Bulgaria joined theERM II, which allows it to adopt the euro no earlier than two years after joining assuming the other convergence criteria are met.
In 1999, coins in denominations of 1, 2, 5, 10, 20 and 50 stotinki were introduced.[27] A 1 lev coin replaced the 1 lev banknote in 2002, and a 2 lev coin the 2 lev banknote in 2015.
In 2004, 2005, and 2007, commemorative circulation issues were struck of the 50 stotinkas coin.[28] 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.
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.
The fourth lev was pegged to theGerman mark at par from the start. With the replacement of the Deutsche Mark by theeuro, the lev's peg effectively switched to the euro at the rate of 1.95583 leva = 1 euro (precisely equivalent to the German mark's fixed exchange rate to euro). This rate is unlikely to change before the lev's eventual retirement.
^The nickname forlev can be bothkint (masc) andkinta (fem), inflected accordingly for plurals and numerical values (kinta, kinti);stotinka – which literally simply meanshundreth (diminutive) – is usually shortened tostinka.
