10 Mil Réis Thesouro Nacional, 11th. Print

Brazil's Thesouro Nacional leaned heavily on the American Bank Note Company throughout the late imperial and early republican decades, and this 1907 issue is part of that long dependency. The "11th Print" designation refers to the sequential ordering of successive print runs within the same authorized series — a Brazilian Treasury cataloging convention that helps distinguish notes sharing identical design and authorization but issued years apart under different fiscal conditions.

By 1907 Brazil was still navigating the monetary instability that followed the Encilhamento speculation crisis of the early 1890s. The mil réis was under pressure, and Treasury notes of this period circulated alongside a tangle of state bank issues and older federal paper.