20 Mil Reis

The Thesouro Nacional — Brazil's national treasury — issued this series during a period when the imperial government relied heavily on foreign printers for security documents it lacked the domestic capacity to produce reliably. The American Bank Note Company held that relationship for decades, and the consistency of their intaglio work gave these notes a visual authority that locally-produced Brazilian paper currency of the same period couldn't match.

The fifteen-year span across the 1869–1883 dating range reflects successive reauthorizations rather than continuous printing runs — ABNC would produce batches against specific treasury orders, meaning examples from different years can show subtle variation in ink depth and paper stock despite sharing the same basic plate design.