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100 Cruzeiros Thesouro Nacional, 1st print, 'Valor Recebido'

Issuer Tesouro Nacional (National Treasury of Brazil)
Year 1955-1959
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Reference(s) P#153
Obverse description Printed in blue on a polychrome underprint using intaglio (calcography) and offset techniques, the obverse centres on a formal portrait vignette of Emperor Dom Pedro II enclosed within an ornately decorated frame, flanked on either side by the large numeral 100. The surrounding border incorporates intricate guilloche work, with the principal legends arranged along the upper and lower margins.
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Reverse lettering 100 100 REPÚBLICA DOS ESTADOS UNIDOS DO BRASIL CULTURA NACIONAL 100 100 AMERICAN BANK NOTE COMPANY.
(Translation: 100 100 Republic of the United States of Brazil National Culture 100 100 American Bank Note Company.)
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Comments

The signature progression here traces Brazilian finance ministry turnover with unusual precision. Eugênio Gudin, a committed economic liberal who briefly served as Finance Minister under Café Filho in 1954–55, appears on the earliest series — his tenure lasted only months before political pressure forced his resignation. Alkmin and Lucas Lopes followed under Kubitschek, the latter closely tied to the aggressive industrialization program that was, somewhat ironically, generating the inflationary pressure these notes were already struggling against.

The phrase "Valor Recebido" on Tesouro Nacional obligations of this period was a carry-over from older treasury note conventions, distinguishing these from Banco do Brasil instruments circulating simultaneously — a distinction that mattered administratively but was largely invisible to ordinary users.

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