On January 1, 2026, Bulgaria will officially adopt the euro, completing a process of European integration that began with EU membership in 2007. With this step, the Bulgarian lev will exit circulation after nearly a century and a half, closing a chapter that began shortly after the country’s liberation and statehood.

The lev was formally introduced on June 4, 1880, when the National Assembly passed a law granting the Principality of Bulgaria the right to mint its own currency. At the time, lawmakers debated different names. MP Yosif Kovachev suggested “lev” or “aslan”, both meaning lion. According to historian Prof. Daniel Vachkov, this choice was deeply symbolic.“Evidently, since Bulgarians were already aware that their traditional coat of arms featured the lion, it is likely they arrived at the idea of naming the currency the ‘lev’ (lion),” he explains.

When the lev entered circulation, it did not immediately dominate everyday life. For several years, foreign currencies continued to circulate widely, including Ottoman lira, Russian rubles, Romanian and Serbian coins, and French francs. This mixed system persisted until the end of 1886, when a law finally ended the legal use of foreign coins in Bulgaria.

In its earliest phase, the lev was pegged to the gold French franc through Bulgaria’s membership in the Latin Monetary Union. This made it one of the most stable and convertible currencies in Europe before World War I. The first Bulgarian coins were minted abroad. In 1881, copper coins of 2, 5 and 10 stotinki were produced in Great Britain. Silver coins followed soon after, with denominations of 1 and 2 leva in 1882, 50 stotinki in 1883, and large silver 5-lev coins in 1885. These silver issues continued until 1916, when wartime conditions prevented their circulation.

Bulgaria also issued gold coins, minted in Austria-Hungary. The first gold series appeared in 1894 with denominations of 10, 20 and 100 leva. A second gold issue followed in 1912, marking the anniversary of Bulgaria’s declaration of independence in 1908. Decades later, in 1969, the Bulgarian National Bank produced restrikes of the 1912 coins in limited editions of 1,000 pieces per denomination. Today, these gold leva coins are among the most sought-after Bulgarian numismatic treasures. At a Künker auction around two years ago, a 100-lev gold coin fetched approximately 75,000 euros, far above its initial estimate. The surge in prices reflects growing domestic interest, inflationary pressures, geopolitical uncertainty, and expectations linked to Bulgaria’s eurozone entry.

Until 1952, all Bulgarian coins were minted abroad, using materials such as silver, copper, zinc alloys during wartime, and later aluminum. Domestic minting began after the establishment of Bulgaria’s own mint in 1951. From the late 1960s onward, commemorative coins became part of the monetary landscape, produced in copper, silver and gold and dedicated to historical anniversaries. Between 1965 and 1989, six gold commemorative coins were issued. The most famous among them, “1300 Years of Bulgaria”, was released in 1981 with an official circulation of 2,000 pieces.