20 Mil Réis Thesouro Nacional, 8th. Print

Brazil's 1890 issue came during one of the more chaotic monetary episodes in the country's history. The proclamation of the Republic in November 1889 triggered an explosion of paper money — the Encilhamento, a speculative frenzy driven partly by deliberate government expansion of the money supply under Finance Minister Rui Barbosa. The Thesouro Nacional was pumping notes into an overheated economy, and the American Bank Note Company in New York was printing fast to keep up with demand.

The "8th Print" designation within the P#40 series reflects how often the plates were cycled — successive print runs were formally distinguished, a necessary bookkeeping measure when volumes were this high.