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| 正面描述 | Black on polychrome underprint, executed in intaglio and lithography. To the left, a standing female allegorical figure representing the Arts; at centre, a female portrait vignette (Marianne); to the right, a winged-horse chariot vignette as an Allegory of Commerce. Print and series numbers appear in black, with the order number in red. |
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| 背面铭文 | 200 DUSENTOS MIL RÉIS LEI 3.403 DE 24 DE NOVEMBRO DE 1888 Waterlow & Sons, Londres, Inglaterra. (Translation: Two Hundred Thousand Reis Law No. 3,403 November 24, 1888 Waterlow & Sons, London, England.) |
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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.