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| 正面铭文 | REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL BANCO EMISSOR DO NORTE NA THESOURARIA DO BANCO SE PAGARÁ AO PORTADOR em moeda de ouro e à vista a quantia de VINTE MIL RÉIS 20 NOS TERMOS DO DECRETO NÚMERO 253 DE 8 DE MARÇO DE 1890, ART 1º & 2º PARÁ VINTE MIL RÉIS American Bank Note Co., New York (Translation: Republic of United States of Brazil Northern Issuing Bank In the bank's treasury the amount will be paid to the bearer in gold coin and on demand the sum of Twenty Thousand Réis In accordance with Decree number 253 of March 8, 1890, Art. 1 and 2 Pará Twenty Thousand Réis American Bank Note Co., New York) |
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| 背面铭文 | DECRETO Nº 199 DE 19 DE JUNHO DE 1890. BANCO EMISSOR DO NORTE AMERICAN BANK NOTE COMPANY, NEW YORK (Translation: Decree no. 199 of June 19, 1890. Northern Issuing Bank American Bank Note Company, New York) |
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The Banco Emissor do Norte was one of several regional banks created under Brazil's 1888 banking reforms, which dramatically loosened the rules on note issuance in an attempt to stimulate industrial investment. The result was a proliferation of competing emissions that overwhelmed the market — a period Brazilians came to call the Encilhamento, a speculative frenzy that collapsed spectacularly by 1891. This note was issued right at the peak of that bubble.
ABNC supplied plates for dozens of Brazilian regional institutions during this period, and the quality of their engraving stands in sharp contrast to the fiscal chaos these notes helped produce. The Banco Emissor do Norte itself had a short operational life before the federal government moved to consolidate currency authority.