100 Leva Zlato

Bulgaria emerged from the First World War on the losing side, and the financial strain was severe. The "Zlato" — gold — designation on this note was aspirational at best; it notionally pegged the value to a gold standard that Bulgaria was in no practical position to maintain, particularly under the reparations terms imposed by the Treaty of Neuilly-sur-Seine in November 1919.

The two-year window of this issue reflects the instability of the period rather than a planned series change. Successive overprints and authorization renewals were common across Bulgarian notes of this stretch.