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| 正面描述 | Printed in dark olive-brown tones, the obverse centres on an oval intaglio portrait vignette of Ruy Barbosa, framed by fine guilloche scrollwork and foliate ornaments. The header inscription 'THESOURO DO ESTADO DE S. PAULO BRAZIL' runs across the top, with the denomination numeral '200' in large letterpress figures at each lower corner. A redemption clause citing Decree Nº 5585 of 14 July 1932 appears in a text panel at the foot, with serial numbers printed in red at upper left and lower right. |
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| 正面铭文 | THESOURO DO ESTADO DE S. PAULO BRAZIL DUZENTOS MIL REIS O portador deste receberá no Thesouro do Estado de S. Paulo a quantia de 200$000 (duzentos mil réis) de accordo com o Decreto Nº 5585 de 14 de Julho de 1932. RUY BARBOSA Nº 037728 |
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The Tesouro do Estado de São Paulo — the state treasury, not the federal government — issued this note during the same year as the Constitutionalist Revolution, the armed uprising in which São Paulo fought against Getúlio Vargas's provisional government. Whether this emission was directly tied to wartime fiscal pressure or simply routine state finance is difficult to confirm, but the timing is impossible to ignore: the conflict ran from July to October 1932 and placed enormous strain on paulista resources.
Melhoramentos, then operating under the Weiszflog Irmãos Incorporada name, was a São Paulo publishing and printing house — not a specialist banknote printer. That choice of a domestic commercial printer over an established security press firm like Casa da Moeda tells you something about either the urgency or the limited ambitions of this emission.