200 Mil Réis Thesouro Nacional, 14th. Print

Brazil's Thesouro Nacional relied heavily on the American Bank Note Company throughout the early republic period, and this 14th print of the 200 Mil Réis belongs to a long-running series issued against treasury authority rather than through the Banco do Brasil — a distinction that mattered enormously in the fractured monetary politics of the era. The Mil Réis was already under pressure by 1919; Brazil had suspended gold convertibility during the First World War and was managing a badly depreciated currency through a succession of printed emissions exactly like this one.

The "14th print" designation reflects Brazil's practice of tracking successive authorized press runs rather than redesigning notes between issues, which means paper quality and ink consistency can vary noticeably across prints within the same Pick number.