The denominations of 1952, 1962 and 1999 explained
Why Bulgaria “struck off zeros” three times, what happened to the coins, and how not to get confused in the catalogue
BulgarianCoins editorial team 3 min read
A redenomination is a change in the scale of money – “striking off zeros”. Prices, wages and savings are divided by the same number, and the old money is exchanged for new. Bulgaria did this three times in 70 years.
1952: 100 to 1
When: the exchange took place between 12 and 15 May 1952 (Ministry of Finance).
Why: after the Second World War prices were high and there was a lot of money in circulation. The reform abolished the coupon system and reduced state retail prices. The old leva were exchanged for new ones at a ratio of 100:1 over four days.
The coins: the coins of the 1951 issue – 1, 3, 5, 10 and 25 stotinki – entered circulation with the reform. They were struck in Leningrad and in Sofia. In the same year, 1952, the Bulgarian Mint was opened. See The Mint.
1962: 10 to 1
When: from the beginning of 1962.
Why: to fix a new exchange rate for the lev – 1.17 leva to 1 US dollar (Wikipedia). This redenomination was more of a technical one.
The coins: 1, 2 and 5 stotinki in bronze alloy and 10, 20 and 50 stotinki and 1 lev in copper-nickel were issued. Their design resembles the Soviet coins of 1961. See 2 stotinki 1962.
1999: 1000 to 1
When: on 5 July 1999.
Why: after the hyperinflation of 1996–1997, prices were in thousands and millions of leva. In 1997 a currency board was introduced and the lev was pegged to the German mark. The redenomination was the last step towards stable money.
The coins: new coins of 1, 2, 5, 10, 20 and 50 stotinki were issued. The 1-lev coin appeared in 2002 and the 2-leva coin in 2015. These coins remained in circulation until the introduction of the euro in 2026. See What to do with your old leva and stotinki.
Table
| Year | Ratio | 1 new lev = |
|---|---|---|
| 1952 | 100 : 1 | 100 old leva |
| 1962 | 10 : 1 | 10 old leva |
| 1999 | 1000 : 1 | 1000 old leva |
| 2026 | to the euro | 1.95583 leva = 1 euro |
Why it matters to collectors
Face values look strange. The coin “Singing Bulgarian Child” 1997 has a face value of 1000 leva, while the 1999 “Monk Seal” is 10 leva. The first is not 100 times more valuable. The face values are in different leva.
Issue prices have to be recalculated. When we compare the issue price of the 1997–1998 coins with today’s market price, we divide the old leva by 1000. That is what we do in the “What if you had bought the coin at issue?” calculator on each coin’s page and in the analysis Issue price vs market price.
The 1952 and 1962 coins are common and cheap, but in mint condition some years are hard to find. See The coins of the People’s Republic of Bulgaria.
Redenomination is not devaluation
A redenomination by itself does not make anyone poorer – all prices are divided by the same number. The loss of value comes before it, from inflation. A redenomination only “cleans up” the accounts.
