100 Leva Zlato

The "Zlato" designation — meaning gold — was not decorative: these notes were explicitly redeemable in gold coin at the time of issue, a convertibility guarantee that Bulgaria maintained under the gold standard it had adopted in 1899. The 1906 series was produced by the Imperial Russian state printing works in St. Petersburg, a logical choice given Bulgaria's close political alignment with Russia following the 1878 liberation from Ottoman rule.

Four distinct signature combinations appear across the series, reflecting successive management changes at the Bulgarian National Bank over the note's long circulation life. The Chakalov pairings alone span three different cashiers, which makes signature attribution essential for precise dating within the type.