The official monetary system of Bulgaria is based on two units: the lev and the stotinka. The lev has the same value as the French franc, and the stotinka is the hundredth part of a lev, similar to a centime. This system was adopted to create a clear and modern national currency.
Use of Foreign Coins After Independence
In the first years after the creation of the Bulgarian Principality, the government faced serious difficulties in introducing national coins. As a result, many foreign coins continued to circulate freely. These included Serbian, Romanian, Russian, and other currencies. Foreign money flooded the markets and was widely used in daily trade and commercial transactions Bulgaria Tours.
First Bulgarian Coins
In 1881, the Bulgarian government introduced two million francs worth of copper coins. Later, during 1883 and 1884, it issued about twelve million francs in silver coins. However, these amounts were still too small to replace foreign money completely. As a result, foreign coins continued to circulate alongside Bulgarian currency.
It was only in 1887 that the government officially prohibited the circulation of Serbian and Romanian coins. In the same year, this ban was extended to Russian roubles, helping to strengthen the position of the national currency.
Issue of Bulgarian Coins
Over the years, Bulgaria gradually increased the production of its own coins. Silver coins were issued in large quantities between 1883 and 1894, while gold coins were first introduced in 1894. Later, nickel coins were put into circulation in 1888, and additional supplies were issued in the early twentieth century. A further stock of nickel coins was also introduced more recently to meet growing demand.
Types of Bulgarian Coins
The gold coins included pieces of 100, 20, and 10 levs, used mainly for large transactions and reserves.
The silver coins were issued in denominations of 5, 2, 1, and 0.50 francs, making them suitable for everyday use.
The copper coins consisted of 20, 10, 5, 2, and 1 centimes, while the nickel coins included 20, 10, 5, and 2.50 centimes.
Development of the Monetary System
Thanks to the gradual expansion of national coinage and the removal of foreign currencies, Bulgaria succeeded in creating a stable and organized monetary system. This development supported trade, strengthened public confidence, and helped integrate the country into the modern European financial system.
The Bulgarian monetary system evolved slowly but steadily. From early dependence on foreign coins, the country moved toward full monetary independence. The introduction of gold, silver, copper, and nickel coins allowed Bulgaria to establish a reliable national currency that supported economic growth and financial stability.