Restrikes and originals: the gold 20 and 100 leva of 1912
The BNB’s official restrikes of 1967–1968 – how to tell them from the originals and what they are worth
BulgarianCoins editorial team 3 min read
If you are looking for the gold 20 or 100 leva of 1912, sooner or later you will see the word restrike. This is not a counterfeit. The coin was struck officially by the state, but decades after the date it bears. It is, however, a different collectable with a different price.
The originals
The gold 20 leva and 100 leva 1912 were struck for the 25th anniversary of Ferdinand I’s accession and the declaration of Independence. The reverse bears the date 22 September 1908. The tsar’s portrait is the work of Rudolf Marschall. The mintage of the 20 leva is 75,000, and of the 100 leva 5,000 pieces.
The restrikes
In 1967–1968 the Sofia Mint struck new coins with the same dies and the date 1912. According to Bulgarian Wikipedia they were put on sale in 2001. The mintage is 2,950 pieces of the 20 leva and 1,000 pieces of the 100 leva. The restrikes are in proof quality, with a mirror background and a matt relief. That is why they are most often found in PCGS and NGC slabs with high grades such as PR 67–69 Cameo.
How to tell them apart
| Feature | Original | Restrike (1967–1968) |
|---|---|---|
| Edge inscription | thinner, more tightly spaced letters | thicker, more widely spaced letters |
| The coat of arms on the reverse | usual relief | higher relief |
| The obverse | flat | slightly concave |
| Surface | usually circulation, rarely proof | proof, mirror background |
| Label in the slab | “1912” | “Restrike”, “Modern Restrike” or “1912-dated” |
The differences in the edge, the relief and the concave obverse are described in the onlinecoin.club catalogue. The 100 leva also has a few more small differences in the details. If the coin is not in a slab, the safest course is the opinion of a specialist or grading.
What they are worth
As of 19.10.2026 on Balkan Auction:
- The original 20 leva 1912 are offered for about €2,800–5,600 without a certificate, and graded ones for up to over €15,000 for MS 62.
- The original 100 leva 1912 – about €7,700–16,800.
- The restrikes are offered considerably cheaper. A 20 leva restrike in PR 67–68 usually costs about €1,000–1,600.
In our market prices restrikes are excluded from the prices of the originals. We do this deliberately, so that the comparison is not misleading.
Is a restrike a good buy?
Yes, if you know what you are buying. A restrike is an official BNB coin, with a small mintage and excellent quality. For many collectors it is the more affordable way to have the coin in their collection. The only problem is when a restrike is sold as an original. Then the difference in price is thousands of euros.
Beware of counterfeits
Besides the official restrikes, there are genuine counterfeits of the 20 leva 1894 and 1912 – sometimes even in lower-fineness gold. Check the weight (6.45 g), the diameter (21 mm) and the details. See The most counterfeited Bulgarian coins and Simple tests for a genuine coin.
In short
A restrike is not a counterfeit, but a different coin. Buy it knowingly, at its own price. Pay for an original only if the features and the documents confirm it. More about the most expensive coins – in The 10 most expensive Bulgarian coins.
