200 Mil Réis Thesouro Nacional, 8th. Print

Brazil's National Treasury turned to the American Bank Note Company repeatedly through the late nineteenth century, and this 1897 200 Mil Réis is one of the later products of that relationship — the "8th Print" designation reflecting successive contract printings of what was essentially the same plate design reissued across years of fiscal turbulence. The 1890s were not kind to Brazilian public finance: the Encilhamento speculation bubble had already burst, inflation had gutted confidence in paper currency, and the treasury was running successive deficits under the early República.

The ABNC's New York engraving quality stands well above what domestic presses could produce at the time, which is partly why the government kept returning to them despite the cost and the optics of printing national currency abroad.