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| 正面描述 | Printed in green and yellow using a combination of intaglio (calcography) and lithography, the obverse presents an oval vignette to the right containing a portrait of Marshal Manuel Luís Osório (1808–1879), Marquis of Erval, with the Arabic numeral '20' repeated at left and in multiple border positions. The central text panel carries the full bearer bond obligation in period Portuguese, including the authorizing decree reference (No. 5585 of 14 July 1932), with the printer's imprint at the foot. An anonymous manuscript conference signature appears below the main text block. |
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| 正面铭文 | 20 20 THESOURO DO ESTADO DE S. PAULO BRAZIL 20 VINTE MIL REIS PRÓ-CONSTITUIÇÃO 20 20 GENERAL OSORIO O portador deste receberá no Thesouro do Estado de S. Paulo a quantia de 20$000 (vinte mil réis) de accordo com o Decreto N.º 5585 de 14 de Julho de 1932. 20 20 COMP. MELHORAMENTOS DE SÃO PAULO (WEISZFLOG IRMÃOS INCORPORADA) S. PAULO - RIO - CAYEIRAS. (Translation: Treasury of the State of São Paulo. Brazil Twenty Thousand Réis Pro-Constitution General Osório The bearer of this will receive at the Treasury of the State of São Paulo the amount of 20$000 (twenty thousand réis) in accordance with Decree No. 5585 of 14 July 1932. Companhia Melhoramentos de São Paulo (Weiszflog Brothers Incorporated) São Paulo - Rio - Cayeiras.) |
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Issued by the São Paulo state treasury to fund the Constitutionalist Revolution of 1932 — the armed uprising against Getúlio Vargas's provisional government — these "bônus" were emergency obligations, not bank notes in any conventional sense. The state was financing a war against the federal government using its own paper, a situation that lasted roughly three months before São Paulo's forces surrendered in October.
The second print designation matters: demand outpaced the initial run, and Companhia Melhoramentos, better known as a publisher and paper manufacturer, was pressed into a second production cycle. Finding a local printer capable of the work under wartime conditions was itself a constraint.
Redemption after the defeat was uncertain, and many holders had little recourse.