Bulgaria Adopts the Euro

Bulgaria will officially adopt the euro on January 1, 2026. The European Commission and the European Central Bank made the decision after a positive convergence report on June 4 confirmed that the southeastern European country satisfied the conditions necessary to adopt the euro. These include price stability, sound public finances, banking legislation compatible with the European Union (EU), exchange rate stability, and convergence in long-term interest rates. Bulgaria will be the 21st nation to adopt the currency. 

The Bulgarian euro obverse will carry designs similar to its current leva coins—the Madara Horseman (an early medieval rock carving) on the 1-, 2-, 5-, 10-, 20-, and 50-cent coins; St. Ivan Rilski (the patron saint of Bulgarians and the first Bulgarian hermit) on the €1; and Paisy Hilendarski (a Bulgarian Orthodox clergyman and the author of the first significant modern Bulgarian history) on the €2. 

However, the decision comes with significant logistical challenges. The Bulgarian euro must be minted and distributed before the end of the year. Additionally, cash registers and vending machines will require software updates. Finally, Bulgaria’s existing 2-leva coin bears a striking resemblance to the €2, which could lead to confusion and potential financial losses, as the 2-leva coin is worth only about €1. The transition will also replace all Bulgarian bank notes and coins in circulation, though leva can still be exchanged after January 1. Starter kits featuring Bulgarian euro coins will be available and can provide an avenue for collectors to acquire the new issues. 

A version of this article appears in the August 2025 issue of The Numismatist (money.org).