10 Mil Réis Thesouro Nacional, 15th. Print

The "15th. Print" designation matters here. Brazil's Thesouro Nacional issued the same 10 Mil Réis design across multiple successive print runs stretching from the early Republic well into the 1920s, with the Casa da Moeda do Brasil — the national mint in Rio — handling production domestically throughout. By the 15th printing, the underlying intaglio plates had accumulated significant wear, and impressions from this run can show noticeably softer line definition compared to earlier strikes.

Brazil's paper currency in 1923 was circulating under considerable inflationary pressure, a consequence of wartime commodity disruptions and post-war credit expansion that eroded the mil réis steadily through the decade before the 1942 cruzeiro reform finally retired the denomination entirely.