Yannis, you have made a great point and I absolutely agree with you: popular inscriptions and symbols on swords tend to get copied a lot, and with every copy they become more and more unrecognizable. We tried absolutely all types of Cyrillic used in Bulgaria, from the 9th century to nowadays, and nothing seemed to work either. However, if it is indeed Bulgarian, the first word seems to start with the letters "Б" "O" and then "Г" or "З", which is the root of the Bulgarian word for God. This is more of a guess than a certainty, but it is probable as inscriptions from that period were somewhat religious. A very popular inscription on Bulgarian swords and daggers until the 1940s was "БОГ С НАМЪ", meaning "GOD WITH US".
Still, considering the literacy rate in Bulgarian lands under the Ottomans in the early 19th cenury, chances are the inscription is distorted Greek, and you should check for the most popular inscriptions in this language on weapons from the period.
Best Regards,
Teodor
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