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20 Mil Réis Caixa de Estabilização, overprint on 20 Mil Réis P# 48
| Issuer | Caixa de Estabilização do Brasil |
|---|---|
| Year | 1926 |
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| Composition | Paper |
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| Obverse description | Blue on polychrome underprint, printed in intaglio and lithography on the base of the 16th printing of the Thesouro Nacional issue (P#48). The central vignette carries a portrait of Marshal Manuel Deodoro da Fonseca, first President of the Republic (1889–1891), flanked on both sides by the numeral 20. A diagonal manuscript conference signature crosses the body of the note, accompanied by two further official signatures. In the upper left corner, a rectangular black overprint stamp reads: 'A CAIXA DE ESTABILIZAÇÃO pagará ao portador, à vista, no Rio de Janeiro, em ouro, conforme a Lei n.º 5108, de 18 de Dezembro de 1926 a quantia de 20$000 VALOR RECEBIDO EM OURO.' |
|---|---|
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| Reverse lettering | 20 20 REPUBLICA DOS ESTADOS UNIDOS DO BRASIL AMERICAN BANK NOTE COMPANY. (Translation: Republic of the United States of Brazil American Bank Note Company.) |
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| Comments |
The Caixa de Estabilização was a currency stabilization board established in 1926 under President Arthur Bernardes as part of Brazil's attempt to peg the milréis to gold and restore international confidence after years of inflationary finance. These notes were not newly printed instruments — they were existing Banco do Brasil 20 Mil Réis sheets (P#48) overprinted with the Caixa's authority and placed into circulation as gold-convertible certificates. The convertibility experiment collapsed within a few years as export revenues fell and the 1929 crash removed any remaining room for the peg to hold.