20 Mil Réis Banco da República do Brasil, 1st. Print

The Banco da República do Brasil had a short and turbulent life — formed in 1892 from the merger of the Banco do Brasil and the Banco Nacional do Brasil, it inherited a monetary mess left by the Encilhamento, the speculative boom-and-bust that followed the proclamation of the Republic in 1889. By the time this note was printed, the milréis had lost the confidence of much of the commercial class, and the bank itself was dissolved in 1896, absorbed into what became the new Banco da República.

G&D's Leipzig plant produced the plates, and the 1st Print designation matters here — subsequent issues show subtle typographic differences in the serial numbering that collectors use to sequence the print runs.