20 Mil Réis Thesouro Nacional, 13th. Print

Brazil's National Treasury relied on the American Bank Note Company for most of its high-value paper through this period, and this 13th print designation matters more than it might appear — successive print runs of the same basic design were authorized piecemeal as fiscal pressures mounted under the early Republic, each increment trackable today by subtle plate differences and serial prefix ranges.

The Mil Réis system was already visibly strained by 1912, with exchange rate volatility against the pound sterling pushing repeated reissues rather than denomination redesigns. This run predates the deeper inflationary chaos of the First World War years by just enough to have circulated under relatively stable conditions.