5 Mil Réis 1932 Revolution Bonus, 2nd. Print

The Constitutionalist Revolution of 1932 — São Paulo's armed uprising against Getúlio Vargas and the tenentista federal government — lasted roughly three months before the state was forced to capitulate. To finance the campaign, the Tesouro do Estado de São Paulo issued these emergency interest-bearing bonds, commonly called "títulos de guerra," bypassing the federal banking structure entirely. The Companhia Melhoramentos facility in São Paulo, primarily known as a paper manufacturer and printer of commercial materials, produced both printings under wartime pressure.

The distinction between first and second print runs is mostly typographic — small but documentable differences in font weight and layout details that allow specialists to separate them. This is the harder of the two to attribute correctly in lower grades.