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A History of The Lev

This special episode commemorates Bulgaria's transition from the Lev to the Euro on Jan 1st 2026 by looking back on the 145 year history of the currency.

Timeline for this episode:

  • 1879, Jan - The Bulgarian National Bank is founded.

  • 1881 - The first Lev coins are introduced and pegged to the French Franc.

  • 1885 - The first paper banknotes are introduced. Despite being backed by gold, they are not widely adopted and are soon recalled.

  • 1908 - Most Leva are backed by gold after nearly two decades of effort to transition from silver and bi-metal standards to a gold one.

  • 1912-1913 - The Lev loses abut 15% of its value during the First and Second Balkan Wars.

  • 1915-1918 - The Lev declines in value by 14 times during the First World War.

  • 1923- The Lev is now worth 3.7% what it had been 11 years earlier prior to the First Balkan War.

  • 1939-1945 - The amount of Leva in circulation grows 1,400%.

  • 1943-1944 - The government forces the population to use bonds alongside Leva as currency.

  • 1951 - The first Lev is retired with a new Lev being introduced at a rate of 100 old Leva to one new Lev.

  • 1962 - The second Lev is retired and replaced by the third Lev.

  • 1990-1991 - Period of intense inflation.

  • 1996-1997 - Another period of intense inflation.

  • 1999 - The third Lev is retired and replaced with the fourth and final Lev with 1,000 old Leva being worth one new Lev. It is also pegged to the Deutchmark and later the Euro.

  • 2026, Jan 1st - The Lev is retired and replaced with the Euro.


Sources:


A 10 stotinki coin from 1888
A 10 stotinki coin from 1888
A golden Lev coin from 1894
A golden Lev coin from 1894
The first Lev banknote from 1885
The first Lev banknote from 1885
A 5 leva coin from 1894 depicting Tsar Ferdinand.
A 5 leva coin from 1894 depicting Tsar Ferdinand.
A 100 leva bill from 1922, depicting agricultural motifs from the Stamboliiski era.
A 100 leva bill from 1922, depicting agricultural motifs from the Stamboliiski era.
A post-Stamboliiski bill from 1924 depicting Hristo Botev and Tsar Boris III.
A post-Stamboliiski bill from 1924 depicting Hristo Botev and Tsar Boris III.
A 500 Leva banknote from 1942 depicting Tsar Boris III.
A 500 Leva banknote from 1942 depicting Tsar Boris III.
A 100 Leva bill from 1951 depicting the Communist regime's notes with agricultural motifs and Georgi Dimitrov.
A 100 Leva bill from 1951 depicting the Communist regime's notes with agricultural motifs and Georgi Dimitrov.
A 1,000 Leva bill from 1994 depicting Vasil Levski.
A 1,000 Leva bill from 1994 depicting Vasil Levski.
A 50,000 Leva Bill from 1997 showing how bad inflation had become ahead of the introduction of the fourth Lev in 1999.
A 50,000 Leva Bill from 1997 showing how bad inflation had become ahead of the introduction of the fourth Lev in 1999.
A 20 Leva bill depicting Stefan Stambolov from 2007.
A 20 Leva bill depicting Stefan Stambolov from 2007.
The headquarters of the Bulgarian National Bank, built between 1934 and 1939 in a typical stark style of the period.
The headquarters of the Bulgarian National Bank, built between 1934 and 1939 in a typical stark style of the period.

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