100 Mil Réis Caixa de Conversão, Provisional Issue

正面描述	登录以查看详情
正面铭文	登录以查看详情
背面描述	登录以查看详情
背面铭文	登录以查看详情
签名	登录以查看详情
防伪类型	Watermark
防伪描述	Arms of the Republic watermark and female effigy watermark incorporated into the paper
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备注	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.

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