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| 正面描述 | Printed in navy blue and gray using a combination of intaglio (calcography) and lithography, the obverse is centered on an oval vignette bearing the portrait of Domingos Jorge Velho, flanked on either side by the Arabic numeral '20'. A diagonal autograph of the certifying official crosses the body of the note, serving as a conferment mark. |
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| 正面铭文 | 登录 以查看详情 |
| 背面描述 | Printed in orange by lithography, the reverse carries the central inscription 'BONUS DO THESOURO DO ESTADO DE SÃO PAULO / PRÓ CONSTITUIÇÃO', with the denomination numeral '20' repeated to the left and right of the text panel. |
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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.