200 Mil Réis Thesouro Nacional, 2nd print

Brazil's Thesouro Nacional turned to Perkins, Bacon & Petch at a moment when the firm's steel-engraved intaglio work was effectively the global benchmark for secure currency printing — the same house had produced early British penny blacks and numerous colonial issues. The "2nd print" designation distinguishes this from the earlier Perkins-produced run, differences traceable primarily through marginal typography and plate wear rather than any fundamental design revision.

By 1844, Brazil's paper money remained deeply unpopular in the interior, where coin was still preferred and treasury notes traded at a discount. That distrust, combined with relatively low print volumes for the higher denominations, keeps surviving 200 Mil Réis examples genuinely scarce.