10 Mil Réis Thesouro Nacional, 10th. Print

Brazil's Caixa de Conversão reforms of the early 1900s reshaped the entire monetary apparatus, and this note — identified as the 10th print run — reflects the Thesouro Nacional's ongoing effort to maintain volume against persistent demand. Casa da Moeda do Brasil handled production domestically in Rio de Janeiro, though the design work and plate engraving trace back to French hands: Duval for the design, Huyot for the engraving, whose credits appear in the margins of the earlier prints in this series.

Watermarking was the sole mechanical security measure. By this period, Brazilian notes faced chronic counterfeiting pressure, and a watermark alone was considered insufficient by most contemporary banking authorities.