50 Leva Zlato

Bulgaria's early twentieth-century banknote production relied entirely on the Imperial Russian state printing works in Saint Petersburg — a political and practical arrangement reflecting Sofia's close ties to Russia in the years following the Liberation. The "Zlato" designation meant the note was theoretically redeemable in gold, a convertibility promise the Bulgarian National Bank maintained with considerable effort during this period before the Balkan Wars strained the country's reserves.

Pick 10 is scarce in any grade above Fine. The paper is notably prone to splitting along fold lines, and heavily circulated examples frequently show corner reinforcement in ink.