10 Mil Réis Banco da República dos Estados Unidos do Brazil, 1st. Print

The Banco da República dos Estados Unidos do Brazil was a short-lived consolidation — formed in 1890 by the merger of the Banco do Brasil with the Banco Nacional, it held a monopoly on note issuance during one of the most chaotic monetary episodes in Brazilian history. The Encilhamento, the speculative boom-and-bust that followed Rui Barbosa's liberalized credit policies, flooded the economy with paper and destroyed confidence in new institutions almost as fast as they were chartered.

This ABNC-printed series predates the bank's own eventual collapse in 1896, when it was absorbed into the reconstituted Banco do Brasil. Notes from the first print run are distinguishable from later issues by plate characteristics cataloged under P#S641.