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

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.