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10 Cruzados overprinted on P# 203
| Issuer | Banco Central do Brasil |
|---|---|
| Year | 1986 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Cruzado (1986-1989) |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | A horizontal vignette occupies the centre of the note, illustrating Rui Barbosa seated among delegates during the Second International Peace Conference held at The Hague, Netherlands, in 1907; the scene is rendered in a fine engraved style with guilloché border ornamentation and denomination numerals repeated at left and right. |
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| Protection type | Watermark |
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| Comments |
Brazil's 1986 Plano Cruzado replaced the cruzeiro at a rate of 1,000 to 1, and the transition happened faster than new notes could be printed. Rather than delay, the Banco Central simply overprinted existing cruzeiro stock — in this case the P#203 — with the new denomination and currency name. It was a monetary reform executed largely with a rubber stamp.
The overprint series was always a stopgap, and most examples passed through heavy retail circulation before purpose-printed cruzado notes arrived. The Plano Cruzado itself collapsed within two years, making the entire overprint episode a brief, chaotic footnote in Brazil's long struggle with hyperinflation throughout the 1980s.