200 Mil Réis Banco do Brasil, 1st. Print

The Banco do Brasil's 200 Mil Réis of 1923 belongs to a transitional moment in Brazilian monetary administration — the bank had only recently been reconstituted under federal control in 1905 after its earlier collapse, and by the early 1920s was functioning as a de facto central bank before that role was formalized. The American Bank Note Company contract reflects Brazil's consistent preference for New York security printers during this period, a relationship that produced most of the republic's high-denomination paper through the 1930s.

The "1st Print" designation matters: subsequent printings of this type introduced subtle plate differences traceable in the serial number prefixes and minor typographic spacing.