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20 Cruzeiros overprint on 20 Mil Réis P# 48

Issuer Tesouro Nacional (National Treasury of Brazil)
Year 1942
Type Standard circulation banknote
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Obverse description Printed in blue on a polychrome underprint, combining intaglio and lithographic techniques. The central vignette bears a portrait of Manuel Deodoro da Fonseca, first President of the Republic (1889–1891), flanked on both sides by the numeral 20. An overprint in blue, applied in rosette form at the upper left and lower right corners by the Casa da Moeda, carries the inscription CASA DA MOEDA / 20 / CRUZEIROS, while a diagonal manuscript conference endorsement crosses the body of the note.
Obverse lettering 20 20 REPUBLICA DOS ESTADOS UNIDOS DO BRASIL NO THESOURO NACIONAL SE PAGARÁ AO PORTADOR DESTA A QUANTIA DE 20 20 CASA DA MOEDA 20 CRUZEIROS 20 20 CASA DA MOEDA 20 CRUZEIROS 20 20 20 VINTE MIL REIS 20 VALOR RECEBIDO 20 20 AMERICAN BANK NOTE COMPANY
(Translation: Republic of the United States of Brazil In the National Treasury Mint 20 Cruzeiros will be paid to the carrier of this amount of Twenty Thousand Réis Amount Received American Bank Note Company)
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Comments

Brazil's 1942 Cruzeiro reform, which replaced the Mil Réis at a straight 1:1000 ratio, left the government with substantial stocks of already-printed ABNC notes that were perfectly serviceable. Rather than destroy them, the Tesouro Nacional applied a red overprint converting the face value — a practical solution that produced what collectors now treat as a transitional issue distinct from both the parent series and the clean Cruzeiro notes that followed.

The overprint placement on P#127 examples varies enough to suggest the stamping was done in batches rather than under tight mechanical control. Notes with strongly off-center or partially doubled overprints are known.

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