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| 正面描述 | Printed in black on a polychrome underprint using intaglio (taille-douce) and lithographic techniques, the obverse centres on an allegorical female figure seated in classical dress, set within an elaborate guilloche framework. Denomination numerals and the issuing authority legend appear in the surrounding panels, with the printer's imprint of American Bank Note Co., New York at the lower margin. The overall layout is characteristic of late nineteenth- and early twentieth-century American Bank Note Company engraving, with fine lathe-work borders framing the central vignette. |
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| 正面铭文 | REPUBLICA DOS ESTADOS UNIDOS DO BRAZIL NO THESOURO NACIONAL SE PAGARÁ AO PORTADOR DESTA A QUANTIA DE 20 VINTE MIL RÉIS 20 VALOR RECEBIDO 20 AMERICAN BANK NOTE CO., NEW YORK (Translation: Republic of the United States of Brazil in the National Treasury the holder will be paid the amount of 20 Twenty Thousand Reis 20 Amount Received American Bank Note Co., New York) |
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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.