20 Mil Réis Banco do Brasil, 1st. Print

Banco do Brasil's relationship with the American Bank Note Company ran deep through the early twentieth century, and this 1923 issue is part of that long-standing contract series. ABNC held the engraving plates and printed successive runs for Brazil across multiple denominations, with the "1st Print" designation distinguishing this from later impressions that differ in minor but catalogable ways — primarily in plate wear signatures and sometimes in serial number color or font weight.

Brazil's monetary situation in 1923 was far from stable; the milréis was under sustained depreciation pressure tied to postwar commodity cycles and coffee market volatility. Notes of this period circulated hard.