2 Mil Réis Thesouro Nacional, 8th. Print

Brazil's shift from monarchy to republic in November 1889 created immediate pressure on public finances. The new government under Deodoro da Fonseca authorized a dramatic expansion of the money supply — the period is known as the Encilhamento, a speculative boom-and-bust that flooded Brazil with paper currency and triggered one of the country's earliest modern financial crises. Notes of this type were issued directly into that environment.

The "8th Print" designation reflects the Thesouro Nacional's practice of distinguishing successive print runs as discrete emissions rather than a continuous series — a bookkeeping convention that now helps collectors identify specific contractual batches with the ABNC.