20 Mil Réis Thesouro Nacional, 14th. Print

Brazil's National Treasury leaned heavily on the American Bank Note Company throughout the First Republic period, and this 14th print is a product of that long-running relationship. The "14ª Estampilha" designation matters: Brazilian Treasury notes of this era were issued in numbered print runs rather than dated series, meaning the print number is the primary identifier for distinguishing otherwise visually similar notes within the same denomination type.

The 20 Mil Réis denomination sat at a meaningful value during the late 1910s inflationary pressures that followed Brazil's wartime economic disruptions. Pick 46 examples show up with reasonable frequency, though corner folds and humidity damage to the paper are common — a predictable outcome for tropical circulation.