20 Mil Réis Thesouro Nacional, 5th print

Perkins, Bacon & Petch had been supplying security printing to Brazil since the 1840s, and by the time this fifth print was commissioned the relationship was well-established enough that the Treasury was essentially reordering from proven plates rather than redesigning. The "5th print" designation matters more than it might seem — successive print orders for the same design often involved subtle plate recutting or paper changes, and distinguishing them requires attention to the numbering sequences and paper stock rather than the face imagery alone.

Brazil was still an empire in 1867, and the Paraguayan War was bleeding the Treasury heavily. Emergency borrowing and note issuance ran in parallel that year.