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100 Mil Réis Thesouro Nacional, Copper exchange note
| Issuer | Imperio do Brasil |
|---|---|
| Year | 1833 |
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| Composition | Paper |
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| Obverse description | Lithograph printed in olive green on white paper. The Imperial Arms of Brazil are positioned to the left, surmounting the statutory caption referencing Law No. 52 of October 3, 1833, which authorized the issue. The denomination 100$000 (Cem Mil Réis) is repeated multiple times across the note in varying sizes as an underprint and as principal text, with blank spaces left for the handwritten province name and serial number to be completed by the issuing authority. |
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| Protection description | A ladder-pattern watermark (filigrana em escada), so named for its resemblance to the rungs of a ladder, visible throughout the paper substrate. |
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| Comments |
Brazil's Imperial Treasury began issuing copper exchange notes — cédulas de cobre — in 1833 as a direct response to a chronic shortage of small-denomination copper coinage in circulation. The notes were explicitly redeemable for copper coin, not silver or gold, which placed them firmly at the bottom of the monetary hierarchy and made them deeply unpopular with merchants, who regarded copper itself as a debased medium.
The series predates the Banco do Brasil's later note-issuing monopoly and reflects a period when the Treasury was improvising monetary infrastructure for a country barely a decade into independence. Surviving examples are rare; most circulated heavily and were redeemed or simply disintegrated.