200 Mil Reis

The Banco da República do Brazil was itself a short-lived institution — formed in 1890 through the forced merger of the Banco do Brasil and the Banco Nacional do Brazil, it collapsed under the weight of the Encilhamento speculation crisis and was liquidated in 1896. Notes from this bank therefore span only a narrow window, and the 1893 date places this squarely in the institution's death spiral, when public confidence in paper money had been severely damaged by years of rampant over-issue.

American Bank Note Company handled the bulk of Brazilian federal printing through this period, supplying engraved plates to successive issuing authorities as governments and banks rose and fell in quick succession after the 1889 proclamation of the Republic.