10 Mil Réis Caixa de Conversão, 2nd. Print

The Caixa de Conversão was a short-lived currency stabilization mechanism established in 1906 under Finance Minister Leopoldo de Bulhões, designed to fix the milréis to sterling and halt the chronic depreciation that had plagued Brazil since the Encilhamento speculation crisis of the early 1890s. The institution issued notes convertible at a fixed rate — a genuine departure from the inflationary habits of the preceding decade. It was dissolved in 1914 when the outbreak of war made the fixed exchange rate untenable.

Cartiere Miliani in Fabriano had supplied security paper to European governments for centuries before taking on Latin American contracts. Their involvement here was likely as paper supplier rather than full printer, though the distinction in period documentation is not always clean.