The silver coins of Tsar Boris III: 1930, 1934 and 1937
The portraits by Beran and Metcalfe, mintages, varieties and how to recognise an original
BulgarianCoins editorial team 3 min read
Tsar Boris III ruled Bulgaria from 1918 to 1943. His silver coins are the last silver circulation coins in Bulgarian history. They are common, beautiful and affordable – an excellent choice for beginner collectors.
The two series
1930: Lajos Berán
In 1930 silver coins of 20, 50 and 100 leva were issued. The tsar’s portrait is the work of the Hungarian medallist Lajos Berán, and the coins were struck in Budapest. The fineness is low – 500/1000.
1934 and 1937: Percy Metcalfe
In 1934 new 50 and 100 leva were issued, and in 1937 another 100 leva. The designer was the English sculptor Percy Metcalfe. The portrait is more modern, and the reverse simpler.
The coins
| Coin | Weight | Pure silver | Mintage | Without certificate | Graded |
|---|---|---|---|---|---|
| 20 leva 1930 | 4 g | 2 g | 10,000,000 | €6–28 | €220–450 |
| 50 leva 1930 | 10 g | 5 g | 9,000,000 | €11–66 | €200–1,020 |
| 100 leva 1930 | 20 g | 10 g | 1,556,000 | €36–260 | €190–435 |
| 50 leva 1934 | 10 g | 5 g | 3,000,000 | €15–70 | €610–1,530 |
| 100 leva 1934 | 20 g | 10 g | 2,506,000 | €14–44 | €165–1,250 |
| 100 leva 1937 | 20 g | 10 g | 2,207,000 | €12–64 | €160–475 |
Prices are ranges of current listings on Balkan Auction as of 19.10.2026. Up-to-date data are on each coin’s page.
Which is the rarest
100 leva 1930 has the smallest mintage – about 1.56 million. It is also the most expensive coin of the group without a certificate. 50 leva 1934 is the surprise among graded coins – examples in MS are offered for over €600, because there are few of them.
Why graded coins cost so much more
These coins were in circulation and most are worn. The low 500/1000 fineness makes the silver softer and easy to scratch. Examples without traces of wear are few, and only the best are sent to PCGS and NGC. That is why the difference is tenfold or more. See How condition sets the price.
Silver value
The 100 leva coin contains 10 g of pure silver – about €16 at the current price. Worn 100 leva of 1934 and 1937 trade at close to twice the metal value. See Metal value versus collector value.
Counterfeits
Counterfeits are found among the coins of Boris III, especially of the 100 leva. Check:
- Weight – 20 g for 100 leva, 10 g for 50 leva, 4 g for 20 leva.
- Diameter – 34 mm, 27 mm and 21 mm.
- Sound – silver rings, while base metals sound dull.
- Magnet – a silver coin is not attracted.
- Edge – the inscription “БОГЪ ДА ПАЗИ БЪЛГАРИЯ” (God protect Bulgaria) must be clear and even.
See Simple tests for a genuine coin.
The copper-nickel coins
Besides the silver coins, copper-nickel 5 and 10 leva by Ivan Lazarov were issued in 1930, and in 1940 the 20 and 50 leva by Lajos Berán. They are cheaper, but are also sought after in excellent condition. See The coins of the war years.
How to start
The six silver coins of Boris III can be collected for about €300 in good condition. It is one of the most affordable ways to own a complete set of historical silver coins. See also the period Kingdom of Bulgaria.
