5000 Leva

Bulgaria entered 1919 in financial ruin — defeated twice in a decade, stripped of territory by the Treaty of Neuilly-sur-Seine, and saddled with reparations demanding 2.25 billion gold francs. The Bulgarian National Bank's response was to print in large denominations, and the 5000 Leva was among the highest face values the country had ever circulated to that point. Inflation was accelerating fast enough that even this sum would lose meaningful purchasing power within months of issue.

Pick 26I is part of a short series tied to post-war emergency financing rather than normal banking operations. The "I" suffix in the Pick reference distinguishes a specific signature combination — a detail that matters more to variety collectors than casual holders.