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The lev (, plural: лева, левове / leva, levove; 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 (; in Bulgarian: лъв). The lev is subdivided into 100 stotinki (стотинки, singular: stotinka, стотинка). 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.
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Bulgarian national mythologising historiography has produced much content on the lion connection, presenting it as the national symbol of Bulgaria throughout centuries. Lions were common in the region until about 300 BC. 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 Rider – 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. Paisii of Hilendar, a discerning monk and a key Revival figure, mentioned in his ground-breaking tome Istorija Slavjanobolgarskaja 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, 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.
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 USSR 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.
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 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.
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).
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.
| +Communist era coins | |||
| 1951-1990 | |||
| 2 g | |||
| 3 stotinki | 19.8 mm | 2.4 g | |
| 3.1 g | |||
| Nickel-brass and copper-nickel | |||
| 2.9 g | |||
| 25 stotinki | 22 mm | 3.3 g | |
| 4.2 g | |||
| 4.8 g |
| +Coins of the fourth lev (1999–present) | |||||||||||||||
| 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 | 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 2002National Bank of Bulgaria. Annual Report 2002. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2002_en.pdf | ||||||
| 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
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Many commercial commemorative coins have also been minted.
| +Banknotes of the fourth lev (1999–present) | |||||||||||
| [4] | [5] | 1 lev | €0.511 | 112 × 60 mm | Ivan Rilski | Rila Monastery | Rampant lion | 1999 | 5 July 1999
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| [6] | [7] | 2 leva | €1.022 | 116 × 64 mm | Paisiy Hilendarski | Istoriya Slavyanobolgarskaya | 1999 2005
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| [8] | [9] | 5 leva | €2.556 | 121 × 67 mm | Ivan Milev | Paintings by Ivan Milev | Ivan Milev | 1999 2009 2020 | Current | ||
| [10] | [11] | 10 leva | €5.112 | 126 × 70 mm | Petar Beron | instruments | Petar Beron | 1999 2008 2020 | |||
| [12] | [13] | 20 leva | €10.225 | 131 × 73 mm | Stefan Stambolov | Orlov most, Lavov most | Stefan Stambolov | 1999 2005 2007 2020 | |||
| [14] | [15] | 50 leva | €25.564 | 136 × 76 mm | Pencho Slaveykov | Poems by Pencho Slaveykov | Pencho Slaveykov | 1999 2006 2019 | |||
| [16] | [17] | 100 leva | €51.129 | 141 × 79 mm | Aleko Konstantinov | Aleko Konstantinov; his work "Bay Ganyo" | Aleko Konstantinov | 2003 2018 | 8 December 2003National Bank of Bulgaria. Annual Report 2003. Available at: http://www.bnb.bg/bnbweb/groups/public/documents/bnb_publication/p_anualreports_2003_en.pdf | ||
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