10 Cruzados

The cruzado was born from the Plano Cruzado of February 1986, a heterodox stabilization program that froze prices and replaced the cruzeiro at 1,000-to-one. The reform was politically popular through most of that year, but inflation had never actually been suppressed — only deferred. By late 1987 the cruzado itself was collapsing, which is why this note carries two distinct signature pairs: Funaro, who launched the plan, was replaced by Bresser Pereira as the fiction of price stability became impossible to maintain.

The cruzado series was retired in January 1989 when the cruzado novo was introduced, again at 1,000-to-one.