10 Mil Reis

The Thesouro do Estado de S. Paulo issued emergency state treasury notes during the Constitutionalist Revolution of 1932, when São Paulo rose against Getúlio Vargas's provisional federal government. Cut off from federal financial channels and funding a months-long military campaign largely on its own, the state treasury resorted to locally printed paper to keep commerce and payroll functioning. These were not federal-sanctioned instruments.

The revolution was crushed by October 1932. State emergency issues were subsequently withdrawn and most destroyed, which accounts for the relative scarcity of surviving examples across the series.