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| 正面铭文 | REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL 200 200 A CAIXA DE CONVERSÃO Pagará ao Portador á vista, no Rio de Janeiro a importância deste bilhete em ouro amoedado ao cambio em quinze dinheiros por Mil Réis, valor recebido nos termos da lei n. 1575 de 6 de Dezembro de 1906. DUSENTOS MIL RÉIS 200 MIL RÉIS Waterlow & Sons Ltd Londres, Inglaterra (Translation: Republic of the United States of Brazil The Conversion Fund will pay the bearer in cash, in Rio de Janeiro, the amount of this gold-plated ticket in exchange for fifteen money per Mil Reis amount received under the terms of law no. 1575 of December 6, 1906. Two Hundred Thousand Reis Waterlow & Sons Ltd London, England.) |
| 背面描述 | Printed in olive-green intaglio, the reverse is dominated by a central allegorical vignette set within an oval cartouche, portraying two figures — a standing male and a seated female — accompanied by a bull, sheep, and a barrel, emblematic of agricultural and pastoral industry. The four corners each bear the numeral 200 within dark circular frames, all surrounded by intricate guilloche lacework and ornamental scroll borders. |
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The Caixa de Conversão was established in 1906 as a currency stabilization mechanism under Finance Minister Leopoldo de Bulhões, designed to hold the milréis at a fixed rate against sterling by issuing notes only against gold deposits. This 200 mil réis denomination sat at the upper end of the conversion notes series — a face value substantial enough that circulation was largely institutional rather than retail. Waterlow & Sons handled the entire first print run from their London works, a common arrangement for Brazilian federal paper of this period.
The Caixa was dissolved in 1914 when the gold standard became untenable after the outbreak of war in Europe, ending the convertibility guarantee that gave these notes their entire reason for existing.