Originally Posted by
NikeBG
Seems I was mistaken. I thought the old-Bulgarian "Н", as in Greek, means "O" (the old-Bulgarian letter for "N" is "N" (as can be seen in the word "na" there), it's "Н" only in modern Cyrillic). However, it seems it actually meant "И" ("I") on Greek. Thus, it would probably be part of the first word - Ruskii.
The second letter in your second pic is П (Latin form - P). Next letter is Л (Latin form - L). Next is the yat (meaning "ya", "a", "ye" or "e"). After that is the arc with the "N". Then it's "E", "Ж" (Latin form - "zh") and "E" again .
Thus, the inscription should, IMO, be "Ruskii pl(j)enezhe na Blugari".