1 Conto de Réis Thesouro Nacional, 1st. Print

The 1 Conto de Réis was the largest denomination the Thesouro Nacional circulated during the early 1920s — one thousand mil-réis at a time when Brazil's currency was under sustained devaluation pressure following the First World War. The Thesouro Nacional series was a domestic treasury issue distinct from the Banco do Brasil notes circulating simultaneously, a dual-track arrangement that confused foreign creditors and reflected the fractured state of Brazilian monetary administration in this period.

Casa da Moeda do Brasil printed the entire run in Rio de Janeiro, which was not always the case for high-value Brazilian paper of earlier decades. At this denomination, surviving circulated examples are uncommon — high-value notes were retired quickly and carefully tracked.