200 Mil Réis Thesouro Nacional, 7th. Print

Brazil's switch from the Empire to the Republic in 1889 threw the country's monetary administration into genuine disorder. The Thesouro Nacional scrambled to produce federal treasury notes through the early 1890s, and the American Bank Note Company filled much of that demand — the 7th Print designation within the P#72 series reflects successive contractual runs rather than any redesign, a bureaucratic distinction that matters considerably to date collectors working the overprint and serial block variations.

The early Republic's inflationary "Encilhamento" boom of 1890–91 had already badly damaged public confidence in paper money by the time this print reached circulation.