5 Mil Réis Thesouro Nacional, 18th. Print

By the 18th print run of this series, the Casa da Moeda do Brasil had been producing this note through years of sustained inflationary pressure — the early 1920s saw Brazil's federal finances chronically strained by coffee price volatility and post-WWI debt servicing. Multiple successive print runs of the same denomination were a direct symptom of that pressure, not routine replenishment.

The print number is the critical variable for collectors here. Earlier impressions and later ones within the P#28 series show measurable differences in ink depth and registration quality, a known inconsistency tied to plate wear at the Casa da Moeda's Rio facilities.