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100 Cruzados overprinted on P# 205
| Issuer | Banco Central do Brasil |
|---|---|
| Year | 1986 |
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| Composition | Paper |
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| Obverse description | At right, an intaglio portrait vignette of Juscelino Kubitschek de Oliveira, President of the Republic from 1956 to 1961. At left, a vignette of an electric power transmission station in the foreground with a highway receding into the background. A circular overprint stamp of 100 Cruzados is applied over the underlying 100,000 Cruzeiros note (P#205), with guilloche underprint patterns and denomination numerals in the design. |
|---|---|
| Obverse lettering | BANCO CENTRAL DO BRASIL 100 000 BANCO CENTRAL DO BRASIL 100 CRUZADOS PRESIDENTE DO CONSELHO MONETÁRIO NACIONAL PRESIDENTE DO BANCO CENTRAL DO BRASIL JUSCELINO KUBITSCHEK 100 000 cem mil cruzeiros CASA DA MOEDA DO BRASIL (Translation: Central Bank of Brazil 100 000 Central Bank of Brazil 100 Cruzados President of the National Monetary Council President of the Central Bank of Brazil Juscelino Kubitschek 100 000 One Hundred Thousand Cruzeiros Brazilian Mint) |
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| Comments |
Brazil's mid-1980s monetary chaos produced this note through necessity rather than planning. The Cruzado was introduced in February 1986 under the Plano Cruzado — Sarney's heterodox stabilization program that froze prices and replaced the collapsing Cruzeiro at a rate of 1,000 to 1. Rather than wait for entirely new stock, the Casa da Moeda simply overprinted existing Cruzeiro notes with the new denomination and currency name. It was fast, cheap, and entirely typical of a transition nobody expected to last.
The Plano Cruzado collapsed within a year. Inflation returned with a vengeance, and the Cruzado itself was eventually replaced by the Cruzado Novo in 1989.