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| 背面描述 | Printed entirely in orange intaglio on an intricate geometric guilloche background of repeating diamond and floral patterns. At center, a large oval medallion encloses a front-facing portrait vignette of a bull's head, surrounded by circular lettering referencing the authorizing law. The denomination numeral "100" appears in large figures to the left and right of the central vignette, with the value in words along the outer borders. |
| 背面铭文 | 100 LEI 3.403 DE 24 DE NOVEMBRO DE 1888 CEM MIL RÉIS WATERLOW & SONS - CANCELLED - SPECIMEN (Translation: Law No. 3,403 November 24, 1888 One Hundred Thousand Reis) |
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The Banco Nacional do Brazil was a private commercial bank chartered in 1889, almost immediately after the Proclamation of the Republic, and its note-issuing privileges were part of the chaotic liberalization of Brazilian banking that defined the early republican years. The government's decision to allow multiple private banks to issue currency fueled rampant speculation and contributed directly to the inflationary crisis known as the Encilhamento — one of the more spectacular monetary collapses in nineteenth-century Latin American history.
Waterlow & Sons printed this first issue in London before the bank had truly found its footing. The institution itself did not survive the decade.