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5 Mil Réis Thesouro Nacional, 10th. Print
| Issuer | Thesouro Nacional (National Treasury of Brazil) |
|---|---|
| Year | 1903 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | 5 5 5 5 REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL NO THESOURO NACIONAL SE PAGARÁ AO PORTADOR DESTA A QUANTIA DE CINCO MIL RÉIS VALOR RECEBIDO 5 MIL RÉIS GEORGES DUVAL INV. et DEL. ÉMILE CROSBIE SC. (Translation: Republic of United States of Brazil At the National Treasury the holder will be paid the amount of Five Thousand Réis Amount received Georges Duval Inv. et Del. / Émile Crosbie Sc.) |
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| Protection description | Interlaced letters "RB" and the text "CINCO MIL RÉIS" visible in the blank reserve areas of the obverse |
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| Comments |
Brazil's monetary situation in 1903 was still unwinding from the catastrophic milréis inflation of the 1890s, itself a direct consequence of the Encilhamento — the speculative boom triggered by Rui Barbosa's liberal credit policies after the 1889 republic. The Thesouro Nacional was issuing notes rather than the Banco da República do Brasil, which had been stripped of emission rights following that crisis. Contracting the Banque de France for this series was a deliberate signal of fiscal seriousness to foreign creditors at a moment when Brazil's international creditworthiness was under acute pressure.
Duval and Crosbie were a known pairing in the Banque de France's engraving atelier during this period. Crosbie's intaglio work on Brazilian commissions is among the finer export printing the institution produced before the First World War reorganized its priorities entirely.