200 Mil Réis Banco da República do Brasil, 1st. Print

The Banco da República do Brasil was itself a product of institutional turbulence — formed in 1892 through the merger of the Banco do Brasil and the Banco da República dos Estados Unidos do Brasil, an attempt to consolidate the chaotic credit expansion that had fueled the Encilhamento speculation bubble. By 1893, the bank was operating under severe strain, with inflation and political instability following the proclamation of the Republic in 1889 still working through the system.

Giesecke & Devrient in Leipzig handled the printing, as they did for much of Brazil's note production during this period. The bank's charter was revoked in 1905 when the modern Banco do Brasil was reconstituted.