The “Medieval Bulgarian Rulers” series: a complete guide
Eight coins from Khan Krum to Tsar Mikhail III Shishman – mintages, prices, designers and what they are worth today
BulgarianCoins editorial team 6 min read
“Medieval Bulgarian Rulers” is one of the BNB’s best-loved modern series. Between 2011 and 2023 it produced eight coins, from Khan Krum to Tsar Mikhail III Shishman. All of them are 10-leva silver coins with partial gold plating, and several of them are now among the most expensive modern Bulgarian coins.
What the coins have in common
All eight coins have a face value of 10 leva, weigh 23.33 g, measure 38.61 mm and are struck in proof quality. The first seven are Ag 925/1000; Tsar Mikhail III Shishman of 2023 is the first in Ag 999/1000. Every coin has a gold-plated element – a medallion, a seal or a scene – which makes the series easy to recognise. More about this technique is in Gilded, piefort and coloured BNB coins.
All eight at a glance
| Year | Coin | Mintage | Issue price | Median of listings | × issue price |
|---|---|---|---|---|---|
| 2011 | Khan Krum | 5,000 | 84 leva (≈ €42.95) | €355 | × 8.3 |
| 2013 | Tsar Samuil | 4,000 | 78 leva (≈ €39.88) | no listings | – |
| 2014 | Tsar Simeon the Great | 3,000 | 63 leva (≈ €32.21) | €1,400 | × 43 |
| 2017 | Khan Tervel | 3,000 | 66 leva (≈ €33.75) | €620 | × 18 |
| 2018 | Tsar Ivan Asen II | 3,000 | 78 leva (≈ €39.88) | €400 | × 10 |
| 2021 | Khan Omurtag | 3,000 | 96 leva (≈ €49.08) | €400 | × 8.1 |
| 2022 | Tsar Kaloyan | 5,000 | 114 leva (≈ €58.29) | €500 (2 listings) | × 8.6 |
| 2023 | Tsar Mikhail III Shishman | 5,000 | 144 leva (≈ €73.63) | €255 | × 3.5 |
Market prices are medians of asking prices for ungraded coins on Balkan Auction as of 2 November 2026; issue prices are converted at 1.95583 leva per euro.
The coins one by one
Khan Krum (2011) opened the series. Both sides use miniatures from the Chronicle of Constantine Manasses: on the obverse Khan Krum drinks a toast to the Slavic rulers, on the reverse he pursues the Byzantines. Designers: Ivan Todorov and Elena Todorova.
Tsar Samuil (2013) shows the death of Tsar Samuil in a gold-plated medallion and, on the reverse, a battle between the Bulgarian and Byzantine armies. Designers: Ivan Todorov, Todor Todorov and Georgi Todorov. With a mintage of 4,000 it had no active listing on Balkan Auction at the start of November.
Tsar Simeon the Great (2014) went on sale on 12 December 2014. Tsar Simeon ruled from 893 to 927. The obverse shows the Golden Church of Veliki Preslav with a lion and a gryphon, and the reverse reproduces his image from a stained-glass window at the BNB. Designer: Vanya Dimitrova. Its story is told in detail in The story of a coin: “Tsar Simeon the Great” 2014.
Khan Tervel (2017) went on sale on 26 June 2017. Khan Tervel ruled in the early 8th century; the obverse reproduces his seal and the reverse shows him leading the Bulgarian army. Designers: Elena Todorova and Todor Todorov.
Tsar Ivan Asen II (2018) – the ruler who reigned from 1218 to 1241 and, as described in Ivan Asen II struck the first Bulgarian coins – appears on the reverse leading his cavalry with the broken alliance treaty pierced on his spear. The obverse shows his seal. Designers: Elena Todorova and Todor Todorov.
Khan Omurtag (2021) went on sale on 8 November 2021. Omurtag ruled from 814 to 831 and is known for his 30-year peace treaty with Byzantium. The reverse shows the column with the Chatalar inscription and his image from the Chronicle of John Skylitzes. Designers: Evgeniya Tsankova and Orlin Ivanov.
Tsar Kaloyan (2022) went on sale on 5 December 2022. Kaloyan ruled from 1197 to 1207 and in 1205 defeated the Latins at Adrianople, capturing Emperor Baldwin I. The obverse carries his lead seal and the reverse his image with a stylised sceptre. Designer: Svetlin Balezdrov.
Tsar Mikhail III Shishman (2023) went on sale on 20 November 2023. He ruled from 1323 to 1330, founded the Shishman dynasty and died after the Battle of Velbazhd. The reverse reproduces a medieval Bulgarian gold coin showing him on horseback; the obverse has his monogram with a griffin. Designer: Silviya Borisova.
What the prices show
The four coins with a mintage of 3,000 – Simeon, Tervel, Ivan Asen II and Omurtag – are all offered at 8 to 43 times their issue price. Tsar Simeon the Great stands out: about €1,400 for an ungraded coin and €1,799 for a PCGS PR69 DCAM example. Age matters too: the 2014 and 2017 coins have had more time to disappear into collections.
The newest coins have higher mintages and higher issue prices. Kaloyan and Shishman were each struck in 5,000 pieces, and Shishman is offered at about 3.5 times its issue price. Graded examples of these two are not more expensive: the median for graded Shishman coins is €270 and for graded Kaloyan coins €300.
The full series cost 723 leva (≈ €370) at the BNB. Today the seven coins with listings add up to about €3,930, and Tsar Samuil has to be found separately. How to plan the purchase of a full series is in How to complete a series and what it really costs.
These are asking prices, not completed sales, and with two to seven listings per coin a single offer can move the median. Check several listings and the condition before buying.
Is the series continuing?
The last coin in the series so far is Tsar Mikhail III Shishman of 2023; there has been no new “Medieval Bulgarian Rulers” coin in 2024, 2025 or 2026. We publish every new BNB issue in Upcoming coins as soon as the BNB announces it.
All coins in the series, with photos and current offers, are on the Medieval Bulgarian Rulers series page. You can follow the value of your own coins in My portfolio, and offers from other collectors are on the Bulgarian Coin Exchange. BulgarianCoins does not buy or sell coins, and this article is not investment advice.
Sources: the BulgarianCoins catalogue (BNB technical data), BNB announcements of 5 November 2021, 2 December 2022 and 17 November 2023, and market prices (Balkan Auction, 2 November 2026).
