200 Mil Réis 1932 Revolution Bonus, 2nd. Print

The Constitutionalist Revolution of 1932 was the largest armed uprising against Getúlio Vargas's provisional government and was concentrated almost entirely in São Paulo. When federal forces cut the state off, the Paulista treasury issued these emergency bonuses — interest-bearing obligations rather than conventional currency — to pay troops and suppliers. The Companhia Melhoramentos press, better known as a publisher of textbooks and fine paper goods, was a strictly local solution to an acute wartime production problem.

The "2nd. Print" designation matters: the first print ran short within weeks, forcing a second run from the same São Paulo printer. The rebellion collapsed in October 1932 after roughly three months of fighting.