Bulgarian lev Facts for Kids

Quick facts for kids

Bulgarian lev

The first Bulgarian banknote, 1885

ISO 4217 Code

BGN

User(s)

Bulgaria

Inflation

2.2%

Method

Consumer price index (CPI)

ERM

Since

10 July 2020

€ =

BGN 1.95583

Band

15.0% de jure; 0.0% de facto

Pegged with

Euro (€) = 1.95583 leva

Subunit

1⁄100

stotinka

ст. (st.)

Nickname

kint

Plural

levove, numeric: leva

stotinka

stotinki

Coins

1, 2, 5, 10, 20, 50 st., 1 lev, 2 leva

Banknotes

5, 10, 20, 50, 100 leva

The lev (Bulgarian: лев) has been the official money of Bulgaria since 1880. It is divided into 100 smaller units called stotinki (стотинки). The word lev means "lion" in old Bulgarian, and stotinka means "a hundredth," just like the French word "centime."

Starting 1 January 2026, the lev enters a period of double circulation with the euro. This means both currencies are used at the same time for a short period. The lev's full withdrawal is set for 31 January 2026. After this date, the euro becomes Bulgaria's only currency.

Since 1997, the lev has been managed by a special system called a currency board. This system fixed its value, first to the German Deutsche Mark, and then to the euro. Currently, 1 euro is equal to 1.95583 leva. Bulgaria has also been part of the European Exchange Rate Mechanism (ERM II) since 2020, which helps prepare countries to adopt the euro.

Where Did the Name "Lev" Come From?
- The Lion as a National Symbol
A Look at the Lev's History
Bulgaria and the Euro
Images for kids
See also

Where Did the Name "Lev" Come From?

The name "lev" comes from an old Bulgarian word for lion. This is similar to the Romanian leu, which also means lion. Both names come from a type of old Dutch coin called the leeuwendaalder, which means "lion thaler" or "lion dollar." This Dutch coin had a lion on it and was used in many parts of Europe, including Bulgaria, Romania, and Moldova.

The Lion as a National Symbol

The lion has been a very important symbol for Bulgaria for many centuries. It represents bravery, courage, and strength. Ancient images of lions have been found in Bulgaria, some dating back to the 9th and 10th centuries. A famous lion carving is on the Madara Rider, a medieval rock relief that is a UNESCO World Heritage site.

During the time when Bulgaria was under Ottoman rule, the lion became an even stronger symbol of national pride. Important historical figures, like the monk Paisii of Hilendar, wrote about Bulgarian kings having a lion on their royal seals. This showed the bravery of Bulgarian warriors. Even on revolutionary flags during the 1876 April uprising, a golden lion was often shown with the motto "Freedom or Death." These flags, often made by teachers, are now kept in Bulgarian museums.

A Look at the Lev's History

The Bulgarian lev has changed several times throughout history, often due to big economic shifts. Each time, a "new" lev was introduced to replace the old one, usually at a different value.

The First Lev (1881–1952)

The first lev was introduced in 1881. Its value was initially the same as the French franc. For many years, Bulgaria's silver and gold coins followed the same rules as other European countries in the Latin Monetary Union.

During World War II, the lev's value was linked to the German Reichsmark. Later, it was linked to the Soviet ruble and then the U.S. dollar. During this period, many different coins and banknotes were issued.

The Second Lev (1952–1962)

After a period of high prices, a new lev was introduced in 1952. One new lev was worth 100 old leva. This new lev was linked to the U.S. dollar.

During this time, coins were made in small values called stotinki, and also 1 lev. Banknotes were issued by the National Bank, with some featuring important figures like Georgi Dimitrov.

The Third Lev (1962–1999)

In 1962, the lev changed again, with 10 old leva becoming 1 new lev. This made the currency more stable for nearly 30 years. However, it was not easy to exchange Bulgarian lev for Western money, leading to unofficial exchange rates.

After the fall of communism, Bulgaria faced economic challenges and high inflation. To fix this, in 1997, the lev's value was officially linked to the German Deutsche Mark. This system, called a currency board, meant that all Bulgarian money in circulation was fully backed by the country's foreign money reserves.

The Fourth Lev (1999–Present)

On 5 July 1999, the lev was revalued again. This time, 1,000 old leva became 1 new lev. The new lev's value was then fixed to the euro, with 1 euro equaling 1.95583 leva.

New coins were introduced in 1999 for 1, 2, 5, 10, 20, and 50 stotinki. Later, 1 lev and 2 leva coins were also introduced to replace banknotes of the same value. New banknotes for 5, 10, 20, 50, and 100 leva were also issued, featuring important Bulgarian historical figures and landmarks.

Bulgaria and the Euro

The euro officially replaces the Bulgarian lev on 1 January 2026. From this date, both the lev and the euro circulate in parallel for a short time. The lev will be fully withdrawn on 31 January 2026. After this date, the euro becomes the only legal currency in Bulgaria. The Bulgarian National Bank (BNB) will continue to exchange lev banknotes and coins for euros indefinitely, so people can always convert their old money.