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10 Mil Réis Caixa de Conversão, 1st. Print
| Issuer | Caixa de Conversão do Brasil |
|---|---|
| Year | 1907 |
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| Printer | Waterlow & Sons Limited, United Kingdom (1810-1961) |
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| Obverse lettering | 10 10 REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL A CAIXA DE CONVERSÃO Pagará ao Portador á vista, no Rio de Janeiro a importância deste bilhete em ouro amoedado ao cambio em quinze dinheiros por Mil Réis, valor recebido nos termos da lei n. 1575 de 6 de Dezembro de 1906. 10 MIL RÉIS Waterlow & Sons Ltd Londres, Inglaterra. (Translation: Republic of the United States of Brazil The Conversion Fund will pay the bearer on demand, in Rio de Janeiro, the amount of this note in coined gold at the rate of fifteen pence per Mil Réis, value received under the terms of law no. 1575 of 6 December 1906. Ten Thousand Réis Waterlow & Sons Ltd London, England.) |
| Reverse description | Sepia intaglio print on paper. At center, a circular medallion bears an allegorical vignette representing the Conversion Fund. Denomination text in full appears twice flanking the central medallion, with the issuer name and printer imprint completing the design. |
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| Comments |
The Caixa de Conversão was a short-lived currency board established in 1906 under Finance Minister Leopoldo de Bulhões, designed to stabilize the milréis by pegging it to gold at a fixed rate of 15 pence. The institution issued its own notes backed by gold deposits — a deliberate break from the inflationary paper emissions that had plagued Brazil since the Encilhamento crisis of the early 1890s.
Waterlow & Sons produced the plates in London, and this first print predates the 1910 revision series by three years. The Caixa was dissolved in 1914 when wartime gold flows made the peg untenable.