100 Mil Réis Caixa de Conversão, Provisional Issue

The Caixa de Conversão was established in 1906 specifically to stabilize the milréis against sterling by maintaining a fixed conversion rate — a direct response to the chronic currency depreciation that had plagued Brazil since the proclamation of the Republic. This note belongs to its earliest provisional issue, printed in Paris before the institution had fully established its operational framework.

Duval and Crosbie were both Banque de France staff, which accounts for the unmistakably French intaglio character of the printing. The watermark is the sole security feature, modest even by 1907 standards.