Personal Finances of the Bulgarian Population (1879–1944)

Личните финанси на българското население в периода 1879–1944 година

Исторически преглед, 81 (2025) No. 4, pp. 67-88 (ISSN 0323-9748)
DOI: https://doi.org/10.71069/IPR4.25.PP03

Pencho D. Penchev / Пенчо Д. Пенчев

University of National and World Economy

Abstract: This article represents the first attempt at a historical study of how the Bulgarian population organized its personal finances during the period from 1879 to 1944. The historical reconstruction shows that part of the available monetary resources was invested in land, particularly in the first decade after the Liberation (1879). In the following decades, and especially in times of uncertainty, urban populations often sought to preserve the value of money through the purchase of housing.

A consistent feature across all the decades studied is the practice of personally storing money. Bulgarians’ savings were not limited to gold but also included silver, banknotes, and other forms. Many of these savings were kept at home rather than in credit institutions. This tendency toward personal hoarding of money was likely linked to distrust of both state and private structures, as well as to political and general insecurity. In some cases, it manifested in phenomena such as the widespread practice of treasure hunting, or it fueled certain types of crimes, including counterfeiting.

Keywords: personal finances, gold, silver, banknotes, treasure hunting, counterfeiting, Bulgaria.

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