10 Mil Reis

Banco da República do Brazil was itself a short-lived institution — formed in 1890 through the forced merger of Banco do Brasil with Banco Nacional do Brazil, it collapsed under the weight of the Encilhamento, one of the most destructive speculative bubbles in Brazilian financial history. Notes of this series were circulating during the terminal phase of that crisis, when confidence in paper currency had largely evaporated.

The American Bank Note Company printed the bulk of Brazilian federal paper through this period, working from its New York facilities under long-standing contract arrangements that predated the Republic itself.