20 Mil Reis

The Banco da República dos Estados Unidos do Brazil was itself a product of the Encilhamento — the speculative financial boom triggered by the new republican government's loose credit policies following the 1889 overthrow of the Empire. Ruy Barbosa, as Finance Minister, authorized a massive expansion of note-issuing rights to regional banks, and the Banco da República was among the beneficiaries. The resulting flood of paper money contributed directly to one of Brazil's first major inflationary crises.

ABNC printed this series before the bank's eventual absorption into the Banco da República do Brasil in 1892, meaning the issuing institution had a lifespan of roughly three years.