20 Mil Réis Banco de Crédito Popular do Brazil

The Banco de Crédito Popular do Brazil was one of dozens of private banks that flooded into existence during the Encilhamento — the speculative boom unleashed by Finance Minister Rui Barbosa's liberalized banking decrees of 1890. The policy allowed virtually any institution with sufficient capitalization to issue its own notes, and for a period of roughly two years, Brazilian commerce was awash in competing paper from banks of wildly varying credibility. Many collapsed before their notes were ever meaningfully redeemed.

ABNC's involvement signals the bank had genuine capitalization behind it — New York engraving contracts were not cheap. The perforation cancellation on surviving examples is the only security feature, suggesting these circulated in a relatively narrow regional or commercial context before the 1891 crash ended the experiment.