10 Mil Réis Thesouro Nacional, 12th. Print

Brazil's National Treasury turned to the American Bank Note Company repeatedly in this period, and the "12th Print" designation reflects the practical reality of a country cycling through successive print orders rather than redesigning its currency — the basic plate remained in use across multiple emissions with incremental control changes. By 1911, the mil réis was already operating under severe pressure from the coffee valorization scheme and the monetary expansion it required, with the government borrowing heavily against future harvests to prop up prices.

The ABNC's New York production for Brazilian clients was extensive enough that distinguishing prints within a series now depends largely on serial number blocks and minor typographic differences in the treasury control text.