200 Mil Réis Thesouro Nacional, 15th. Print

The "15th Print" designation marks this as part of a long print run series issued by the Thesouro Nacional, where successive printings were tracked by number rather than date — a Brazilian administrative habit that makes precise dating of individual notes difficult and frustrates straightforward catalog sequencing. By 1922, the mil réis was under sustained inflationary pressure following wartime expenditure and commodity price volatility, yet the 200 mil réis denomination remained a substantial sum in everyday terms.

Casa da Moeda do Brasil had been producing domestic currency in Rio de Janeiro since the late 19th century, reducing Brazil's historical dependence on European printers. The engraver credit to Borges likely refers to work done in-house at the Rio facility.