200 Mil Reis

Banco Nacional do Brazil was itself a creature of the Encilhamento — the speculative boom that followed Brazil's transition to a republic in 1889, during which the new government dramatically expanded money-issuing privileges to stimulate industrial investment. The result was runaway inflation and a banking sector built on fragile foundations. This note was issued within that first chaotic year, when multiple institutions held simultaneous emission rights and public confidence in paper currency was already wavering.

The American Bank Note Company produced the entire series from its New York facility, as was routine for Latin American issuers of the period who lacked domestic security printing infrastructure capable of meeting anti-counterfeiting standards.