Thracian and Macedonian coins issued around 500 BC were the first coins to circulate in Bulgaria. Coins issued by Greek settlers and local Thracian kings soon circulated within Bulgaria. By the mid-first century BC, Roman coins began circulating in Bulgaria. The First Bulgarian Empire, established in the late seventh century, did not issue its own coins. Instead, Byzantine coins circulated in Bulgaria, especially after Basill II conquered present-day Bulgaria in 1019. The tsars of the Second Bulgarian Empire did issue their own coins under the reigns of Boril (1207-18) to Ivan Shshman (1371-93). In 1393 the Ottoman Turks annexed Bulgaria and it remained a part of the Ottoman Empire until the late nineteenth century.
Bulgaria became a Prinicpality within the Ottoman Empire on July 8, 1879. Eastern Rumelia rebelled against the Ottoman Empire in 1885, when it was annexed and renamed Southern Bulgaria. Bulgaria gained its independence as a Tsardom on July 8, 1908. In April 1941, Bulgaria occupied, but did not annex, Macedonia and Thrace. They remained occupied by Bulgaria until they were occupied by German troops in 1944.
As part of the Ottoman Empire, Bulgaria used Ottoman Empire Piastres (XOTP), but it introduced its own monetary unit, the Lev, (BGO), equal to 100 Stotinki, on May 27, 1880. The Lev was linked to the Franc Germinal at par. Bulgaria issued both Gold Lev (BGZ-Lev Zlato), Silver Lev (BGS-Lev Srebro), paper Lev and the Alexander, a gold coin equal to 20 Lev. Banknotes were issued by the Bulgarian National Bank from 1885 until today.
After Nazi occupation in 1940, the German government began circulating Reichkassenkreditschein (XDEK) along with Lev notes printed in Germany. The Soviets began occupying Bulgaria in September 1944 and issued their own banknotes. Because of the inflation that followed, Bulgaria issued a Socialist Lev (BGM) on May 12, 1952 equal to 100 old Lev. The Hard Lev (BGL) replaced the Socialist Lev on January 1, 1962 at the same time the Soviet Union reformed its currency. Bulgaria also issued special Lev Foreign Exchange Certificates for tourists. Bulgaria suffered further inflation after the fall of communism, and stabilized the currency by establishing a currency board like system on July 1, 1997 at the rate of 1 DEM = 1000 BGL. A New Lev (BGN), linked at par to the German Mark, was introduced on January 1, 1999. |
