100 Leva Zlatni

Bulgaria entered World War One on the Central Powers side in October 1915, and its wartime finances quickly outpaced the country's available hard currency. The "zlatni" — meaning gold — designation on this 1917 note was nominally pegged to gold coinage, but by this point in the war that convertibility was entirely theoretical. The Leipzig printing by Giesecke & Devrient reflects Bulgaria's deep commercial and military alignment with Germany during the conflict; domestic printing capacity could not meet demand.

The watermark remains the note's only mechanical security feature — modest for a denomination of this size, though consistent with the wartime production constraints applied across the series.