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| 背面描述 | 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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| 防伪类型 | Watermark |
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| 备注 |
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.