Issue price vs market price: which BNB coins have risen the most
We compared the issue prices of 129 commemorative coins since 1997 with current listings on Balkan Auction
BulgarianCoins editorial team 4 min read
Every BNB commemorative coin has a clear starting point – the issue price at which the bank sells it at launch. Now that we also show market prices from Balkan Auction on each coin’s page, we can see what has happened to those prices over the years.
How we compared
We took all coins in the catalogue since 1997 for which we have a BNB issue price and at least one current listing. Since 1997 the lev has been pegged to the German mark, and then to the euro, so the prices are comparable. Prices from 1997–1998 have been converted into new leva (1000:1). Everything is in euro at the rate of 1.95583 leva per euro.
The market price is the median asking price of active listings in the public “Coins” category of Balkan Auction as of 19.10.2026. We do not include lots, sets, replicas or piedforts. If there are uncertified listings for a coin, we use those. That gives 129 coins.
The main findings
- The median coin is offered for about 8 times its issue price. Only one of the 129 coins is offered below its issue price.
- Gold coins have a smaller rise in multiples – the median is about 5 times. The reason is that their price includes expensive metal from the very start.
- The biggest rise is in cheap coins with a small mintage. Copper-nickel and silver coins sold for a few leva in the early 2000s are now sought for hundreds of euros.
- The new 2026 coins are already offered at 15–55% above issue price, but it is too early to talk about returns.
The biggest rise over issue price
| Coin | Issued | Mintage | Issue price | Median listing | Rise | Per year |
|---|---|---|---|---|---|---|
| Survakari, 5 leva | 2002 | 5,000 | €3.58 | €700 | ×196 | ≈ 24% |
| 60 Years Since the Rescue of the Bulgarian Jews, 10 leva | 2003 | 2,000 | €12.78 | €1,500 | ×117 | ≈ 23% |
| Beginning of the New Millennium, 10 leva | 2000 | 6,000 | €12.78 | €1,239 | ×97 | ≈ 19% |
| Monk Seal, 10 leva | 1999 | 5,000 | €6.41 | €600 | ×94 | ≈ 18% |
| Singing Bulgarian Child, 1000 leva | 1997 | 25,000 | €8.10 | €554 | ×68 | ≈ 16% |
| Pencho Slaveykov, 2 leva | 2016 | 2,000 | €9.20 | €500 | ×54 | ≈ 47% |
| The Gold Mask, 10 leva | 2005 | 10,000 | €20.45 | €750 | ×37 | ≈ 18% |
| Tsar Simeon the Great, 10 leva | 2014 | 3,000 | €32.21 | €1,400 | ×43 | ≈ 36% |
The average annual return is calculated with compound interest from the date of issue. A calculator with the same calculations is on each coin’s page – in the “What if you had bought the coin at issue?” panel.
Gold: a high price, a smaller rise
Gold coins are at the top by absolute price. The “Virgin Mary – Golden Apple” 100 leva 2024, with a mintage of just 800, is offered for about €13,600. Its issue price, however, is €2,586. St George the Victorious, 100 leva 2007, with a mintage of 1,500, is offered for about €7,500 against an issue price of €240. Much of the rise in gold comes from the rise in the metal itself. So always also compare with the metal value, which we show on every page.
What these numbers do not say
An asking price is not a sale price. Sellers ask; buyers do not always pay. For coins with one or two listings, the median may simply be one seller’s wish. The number of listings is shown on each coin’s page.
Survivorship bias. The coins sought after today are a small part of the whole. Most commemorative coins from the same years have risen much less.
Condition matters. A proof coin with a fingerprint, or without its original capsule and BNB certificate, sells for considerably less.
Fees and taxes are not included. The buyer pays shipping, and the seller pays the platform’s commission.
The takeaway for collectors
History shows that a small mintage and a strong theme – folk customs, historical figures, events with emotional value – have been a better choice than expensive gold. But the past is no guarantee. If you think of coins as an investment, also read Is coin collecting a good investment?.
