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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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| Reference(s) | P#109B |
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| Obverse lettering | 20 20 REPUBLICA DOS ESTADOS UNIDOS DO BRASIL NO THESOURO NACIONAL SE PAGARÁ AO PORTADOR DESTA A QUANTIA DE 20 20 20 VINTE MIL REIS 20 VALOR RECEBIDO 20 20 AMERICAN BANK NOTE COMPANY 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 (Translation: Republic of the United States of Brazil In the National Treasury will be paid to the carrier of this amount of Twenty Thousand Réis Amount Received American Bank Note Company The Stabilization Fund will pay the bearer, in cash, in Rio de Janeiro, in gold, according to Law No. 5108, from December 18, 1926 to amount of 20$000 Amount Received in Gold) |
| Reverse description | Printed in orange in intaglio, the reverse centers on a vignette of a seated female figure personifying the mythological goddess Minerva. The numeral 20 appears on each side of the central vignette, with the country name and printer's imprint completing the design. |
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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.