1 Centavo overprinted on P# 177

This note exists because of the Cruzeiro Novo transition, but that isn't what makes it interesting. Brazil's 1966–67 monetary reform lopped three zeros off the old cruzeiro, and rather than immediately printing fresh stock, the Banco Central authorized overprints on existing Thomas De La Rue sheets to bridge the gap. The 1 Centavo was the lowest denomination in the transitional series — worth one old cruzeiro — and had an extremely brief economic life before inflation rendered it functionally useless.

De La Rue applied the overprint to P#177 stock already in inventory. Circulated survivors tend to show heavy wear; the denomination's purchasing power evaporated so quickly that notes were spent rather than saved.