500 Mil Reis

The Banco dos Estados Unidos do Brazil was not a central bank but a private commercial institution granted sweeping note-issuing privileges by the newly installed republican government in late 1890 — part of the controversial Encilhamento financial reforms pushed through by Finance Minister Rui Barbosa. The policy flooded Brazil with paper credit, triggering rampant speculation and ultimately a severe monetary crisis that lasted through the mid-1890s.

This 500 Mil Reis note belongs to that first wave of republican-era emission. The bank itself was short-lived; its authorization was revoked as part of the post-Encilhamento cleanup, making the window of legitimate issue extremely narrow.