100 Cruzeiros Reais overprinted on P# 235

This note exists because of a devaluation spiral that had become administratively unmanageable. Brazil's cruzeiro real, introduced in August 1993 as part of yet another attempt to stabilize an economy suffering chronic hyperinflation, required rapid denominations before new paper stock could be prepared. The solution: overprint existing cruzeiro notes — in this case P#235 — with the new currency designation and value rather than wait for freshly designed and printed replacements.

The overprint series was transitional by design, always intended to be short-lived. Brazil introduced the real in July 1994, rendering the cruzeiro real obsolete within roughly eleven months of its own creation.