100 Leva Zlatni

Bulgaria emerged from the First World War on the losing side, stripped of territory and saddled with reparations under the Treaty of Neuilly (1919). The "zlatni" designation — meaning gold — was nominal; these notes were not convertible to specie. The Bulgarian National Bank was issuing paper against a gold standard it could no longer maintain, and the public knew it.

Giesecke & Devrient in Leipzig had a long relationship with Bulgarian currency production, and this series continued that arrangement even as Germany itself was sliding toward its own monetary collapse. The P#S114 classification marks it as a subsidiary or special issue rather than a primary circulation series.