20 Mil Réis 1932 Revolution Bonus, 1st. Print

The Constitutionalist Revolution of 1932 — São Paulo's armed uprising against Getúlio Vargas and the tenente-dominated federal government — lasted roughly three months before the state capitulated in October. To finance the campaign, the Thesouro do Estado de São Paulo issued these emergency bonds, effectively pressing a commercial printer into service as a currency producer. Companhia Melhoramentos, primarily known for paper manufacturing and publishing, was hardly a security printer, and the relative simplicity of the design reflects those constraints.

The 1st Print designation matters: later printings show minor but catalogable typographic differences, and distinguishing them requires close attention to the face text spacing.