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| 正面铭文 | REPUBLICA DOS ESTADOS UNIDOS DO BRASIL A CAIXA DE CONVERSÃO PAGARÁ AO PORTADOR a quantia de dez mil reis em ouro amoedado ao cambio de 16d. por 1 S. Lei N. 2357 de 31 de Dezembro de 1910 DEZ MIL REIS (Translation: The Conversion Fund will pay the holder the amount of Ten Thousand Réis in coined gold at the exchange rate of 16d. per £1. Law No. 2357 of December 31, 1910. Ten Thousand Réis) |
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| 背面铭文 | 10 10 10 10 A CAIXA DE CONVERSÃO REPUBLICA DOS ESTADOS UNIDOS DO BRASIL DEZ MIL REIS DEZ MIL REIS CARTIERE E. MILIANI FABRIANO ITALIA (Translation: The Conversion Fund Republic of the United States of Brazil Ten Thousand Réis Ten Thousand Réis) |
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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.