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| 裏面の説明 | Printed in blue by lithography. The design is dominated by a large fanlike guilloche arch across the upper portion, with the numeral 10 at each upper corner. A central circular medallion, left blank, is flanked by the inscription A CAIXA DE CONVERSÃO on a horizontal banner. Below the medallion, two ribbon scrolls each carry the denomination DEZ MIL REIS, and the printer's imprint CARTIERE E. MILIANI FABRIANO ITALIA appears at the foot of the note. |
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| 偽造防止技術 | Watermark |
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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.