10 000 Leva

Bulgaria emerged from the First World War on the losing side, burdened by reparations under the Treaty of Neuilly and a currency in steep decline. The high denomination of this note is a direct consequence — wartime inflation had eroded the lev's purchasing power to the point where five-figure notes became a practical necessity for ordinary commerce.

The P#26 series exists in multiple signature varieties, of which 26E is among the less frequently encountered. Signature combinations on Bulgarian notes of this period reflect rapid turnover in bank leadership during a politically unstable stretch that included two changes of government between 1918 and 1920.