The unit of currency in Bulgaria is the lev, divided into 100 stotinki. The Bulgarian National Bank is the bank of issue and handles government funds and state-owned enterprises.
On the 5th of July, 1999, the Bulgarian National Bank acted on the previously announced re-denomination of the Bulgarian Lev by introducing new banknotes and coins. The Bulgarian Council of Ministers together with the National Assembly passed and enacted a package of laws and decrees outlining and regulating the re-denomination well before the 5th of July, 1999. Starting at 12:00 am on Monday, the 5th of July, 1999, the Bulgarian lev was substituted by a new lev in a ratio of 1,000:1. That is to say, as of that date 1,000 old leva equaled 1 new lev (equal to 1 Deutsche Mark, 0.51 Euro or US$ 0.55).
The re-denomination went into effect for all prices in leva - goods, services, bank accounts, and savings bonds. Until December 31st, 1999, all prices must be stated both in new and old leva; after that date, all prices will be stated in new leva only. The entire process was performed in order to facilitate all payments, as well as all accounting and exchange operations.
Simultaneously with the re-denomination, the Bulgarian National Bank began to circulate new banknotes and coins. Beginning on July 5th, 1999, there were 6 new coins and 6 new banknotes in circulation. Until December 31st, 1999, all individuals and sales persons are obliged to accept both old and new banknotes and coins; after that date, the old currency may be exchanged for new one at any branch of the BNB.
The new issue of coins features coins of 1, 2, 5, 10, 20 and 50 stotinki face value. The main artistic motif on the obverse of all coins is an image of the Madara Horseman - a rock relief from the early 8th century found near the village of Madara, Shoumen region. The text reads "Bulgaria."
The face value in figures and words, the year of issue (1999), and the twelve stars of the European Union are inscribed on the reverse of all coins. The edge of the 1, 2, and 5 stotinki coins is flat, and the edge of the 10, 20, and 50 stotinki coins is serrated.
The newly issued banknotes have denominations of 1, 2, 5, 10, 20, and 50 leva. All banknotes feature advanced protective measures such as transparent register ornament, watermark, microtext, security thread, holographic anti-copy element, and a relief designation for blind people.
The face of the 1 lev banknote depicts a 1789 icon of St. Ivan of Rila (876-946), a hermit who put the foundations of the most famous Bulgarian monastery, the Rila monastery. The back of the banknote depicts the principal church inside the complex of the Rila monastery.
The face of the 2 leva banknote depicts Paisi Hilendarski (1722-1773), author of the historical work "Slaveno-Bulgarian History" and one of the forefathers of the Bulgarian National Revival of the 18th-19th centuries. The back of the banknote depicts battle shields of the Bulgarian Tsars, as well as a facsimile of the "Slaveno-Bulgarian History".
The face of the 5 leva banknote depicts Ivan Milev (1897-1927), a prominent Bulgarian painter in the beginning of the 20th century and one of the first followers of art noveau in Bulgaria. The back of the banknote features elements taken from the artist's paintings.
The face of the 10 leva banknote depicts Dr. Petar Beron (1799-1871), a distinguished Bulgarian scientist and teacher. He wrote the first Bulgarian textbook, which paved the road for a modern system of education in Bulgaria. In 1824 Beron published "Textbook with Miscellaneous Teachings," popularly called "the Fish Textbook" because it depicted a whale on its front page.
The textbook contained information on several major topics, among them grammar, natural sciences, mathematics, anatomy, and history, as well as an introduction of a new method of teaching, the so-called Bell-Lancaster method. The front of the banknote also depicts the title page of Dr. Beron's textbook, as well as some drawings taken from it. The back of the banknote depicts varios drawings from the textbook as well, among them a telescope and a sectant, along with a representation of the Moon's phases.
The face of the 20 leva banknote depicts possibly the greatest and certainly the most controversial Bulgarian statesman of all times, Stefan Stambolov (1854-1895). Stambolov is credited with bringing stability and prosperity to the newly re-established (in 1878) state of Bulgaria, but is also blamed for introducing dictatorial methods during his rule. Stambolov was savagely assassinated by his political opponents in 1895. The back of the banknote features the building of the National Assembly, as well as fragments from the Eagles' and the Lions' bridge in the capital city of Sofia.
The face of the 50 leva banknote depicts one of the greatest Bulgarian poets - Pencho Slaveykov (1866-1912). The back of the banknote contains facsimiles of illustrations to his books of poetry.
