1 Mil Réis Thesouro Nacional, 13th. Print

Brazil's Thesouro Nacional issued several overlapping series of small-denomination Mil Réis notes during the early 1920s, and the 13th Print designation marks a relatively late production run within a sequence that had been issued with only incremental changes across years of persistent inflationary pressure. The Casa da Moeda do Brasil handled printing entirely in-house — unlike the prestige foreign-printed issues reserved for higher denominations — which kept costs low but also meant quality control varied noticeably between print runs.

The 1 Mil Réis by this period was worth very little in real purchasing power; Brazil's exchange rate against sterling had been deteriorating since the First World War, and small treasury notes like this circulated hard and wore quickly.