5 Leva Srebro

The "Srebro" designation — silver — is the key detail here. Bulgaria's post-WWI settlement under the Treaty of Neuilly (November 1919) stripped the country of territory, imposed heavy reparations, and reduced its military to a skeleton force. The silver-convertible framing on this note was more aspiration than reality; the Bulgarian lev had been severely destabilized by wartime borrowing and the indemnity obligations that followed made genuine silver backing untenable almost immediately after issue.

The P#S105 classification places this in Krause's state and commercial bank subsidiary listings — an acknowledgment that its standing was irregular rather than straightforwardly central-bank sovereign paper.