200 Mil Réis Banco Nacional do Brazil, 1st. Print

The Banco Nacional do Brazil was one of several private banks of issue authorized under the sweeping monetary reforms of the Encilhamento period — the speculative boom unleashed after the fall of the Empire and the early Republic's decision to dramatically expand credit. The bank received its charter in 1890 and moved quickly to issue notes across multiple denominations, with Waterlow & Sons handling the London printing before the political and financial chaos of the following years rendered much of this paper worthless or unredeemed.

The Encilhamento collapse wiped out most of these issuing banks within a few years. Notes from this first print run that survived did so largely outside active commerce.