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20 Mil Réis Caixa de Conversão, 1st. Print
| Issuer | Caixa de Conversão |
|---|---|
| Year | 1907 |
| Type | Standard circulation banknote |
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|---|---|
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| Reverse description | Blue intaglio on plain paper. The central vignette presents a steam locomotive at full speed, executed in fine line engraving. The issuing authority's title and denomination inscriptions are arranged around the central design, with the word 'VINTE' repeated at each corner. |
| Reverse lettering | VINTE VINTE A CAIXA DE CONVERSÃO 20 MIL REIS 20 MIL REIS REPUBLICA DOS ESTADOS UNIDOS DO BRAZIL VINTE VINTE (Translation: Twenty Twenty The Conversion Fund 20 Thousand Réis 20 Thousand Réis Republic of the United States of Brazil Twenty Twenty) |
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| Comments |
The Caixa de Conversão was a short-lived Brazilian exchange stabilization body created in 1906 under Finance Minister Leopoldo de Bulhões, designed to peg the milréis to a fixed rate against sterling and halt the wild depreciation that had plagued Brazil's currency since the Encilhamento crisis of the early 1890s. Notes issued through it were fully backed by gold reserves, a deliberate departure from the unbacked Treasury emissions that preceded them. The institution was dissolved in 1914 when the outbreak of war made the gold standard unworkable.
Waterlow & Sons produced this first print, their London engraving quality visibly superior to domestic Brazilian alternatives of the period. The 1907 dating places it in the earliest emission of the series.