100 Mil Réis Thesouro Nacional, 11th. Print

Brazil's Treasury notes of this period were printed under a long-running contract with the American Bank Note Company at a time when the Brazilian government lacked the domestic infrastructure to produce secure currency at scale. The 11th print designation — "11ª Estampilha" — marks one of the later iterations in a series that had been running since the late nineteenth century, updated incrementally to manage circulation and counterfeiting rather than redesigned outright.

The Mil Réis system was already showing strain by 1909, with chronic exchange rate volatility tied to coffee export cycles driving repeated monetary adjustments throughout the First Republic period. This note predates the Caixa de Conversão collapse by only a few years.