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| 正面描述 | The obverse is headed ЦАРСТВО БЪЛГАРИЯ (Kingdom of Bulgaria) within an ornate guilloche border of interlaced foliate scrollwork, beneath which the central text block in Cyrillic letterpress sets out the bond's terms, specifying the capital sum of 10,000 leva, a maturity date of 31 December 1922, and an original issue date of 10 August 1919. Two manuscript signatures of the Minister of Finance and the Director of State Debt appear at the lower centre, with a diagonal red overprint reading ДЕСЕТ ХИЛЯДИ ЛЕВА (Ten Thousand Leva) crossing the face and an additional red control stamp applied below. |
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| 背面描述 | The reverse is divided into two columns of Cyrillic letterpress text headed ИЗДАДЕНТ ВЪЗ ОСНОВА, citing specific articles of Bulgarian state debt and extraordinary credit legislation enacted between 1912 and 1917. Below the legislative citations, a structured accrued-value interest table headed Стойност на държавния съкровищен бон при 5% лихва за изтекло време presents month-by-month and year-by-year redemption values printed across a fine grid, with a reference to НАКАЗАТЕЛНИЯ ЗАКОН at the foot. |
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Bulgaria's post-WWI reparations burden under the Treaty of Neuilly (1919) was crushing — the country owed 2.25 billion gold francs, lost significant territory, and faced severe restrictions on its military. The Bulgarian State Debt Administration issuing currency rather than the National Bank reflects the fiscal disarray of that period, with government debt management bodies drawn into money creation as the state struggled to finance obligations it had no realistic means of meeting.
The 10,000 Leva denomination itself signals acute inflation pressure by 1922. Notes of this series are known to show foxing and paper fragility due to wartime paper stock quality — condition issues that are intrinsic to the type rather than the result of rough handling.