1 Mil Réis Thesouro Nacional, 11th. Print

Brazil's Thesouro Nacional had been issuing notes through its own Casa da Moeda since the late imperial period, and by the 1920s the 1 Mil Réis denomination had gone through so many successive print runs that each was catalogued by number — this being the eleventh. The numbering itself reflects chronic small-denomination shortages rather than routine replacement cycles; low-value notes wore out fast in a country where the milréis was already losing ground to inflation driven by post-WWI commodity volatility and the collapse of Brazilian coffee revenue stabilization schemes.

Pick 7 is one of the more commonly encountered of the series, though heavily circulated examples dominate surviving stocks.