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20 Mil Réis Thesouro Nacional, 11th. Print

Issuer Thesouro Nacional (National Treasury of Brazil)
Year 1907
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Shape Rectangular
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Obverse description Printed in chalcography and lithography in brown on ochre underprint. To the right, a white medallion bearing a vignette of a child (Allegory of Agriculture), coinciding with a watermark of a female head in profile; to the left, an effigy of a woman (Allegory of the Republic) surmounted by a child (Allegory of Agriculture). Serial, stamp, and order numbers are printed in red.
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Protection description Female head in profile watermark, visible within the white medallion on the obverse; additional watermark areas on the reverse flanking the central vignette.
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Comments

Brazil's National Treasury began printing its own notes domestically at the Casa da Moeda do Brasil rather than contracting European firms — a deliberate policy shift that took hold in the early twentieth century. Duval and Crosbie were nonetheless brought in as designer and engraver, a common arrangement where foreign technical talent supplied the skilled labour while production stayed in Rio.

The "11th Print" designation reflects Brazil's practice of issuing successive print runs under a single authorizing decree, each tracked as a distinct emission. Pick 43 is the eleventh such run for this 20 Mil Réis type, and run-to-run differences in ink density and paper quality are known within the series.

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