10 Leva Srebro

The "Srebro" designation — silver — reflects the note's nominal convertibility into silver coin at a time when that promise was essentially theoretical. Bulgaria emerged from the First World War under severe reparations obligations imposed by the Treaty of Neuilly-sur-Seine in November 1919, and the BNB's hard currency reserves were in no position to back redemption demands at any meaningful scale.

The adhesive stamp and embossed seal are control measures characteristic of Bulgarian emergency-period issues, applied to validate or reissue notes whose status had become irregular during the postwar administrative upheaval. P#S107 sits in the "S" series specifically because its formal standing as a state-backed instrument remained disputed.