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50 Cruzados overprinted on P# 204
| Issuer | Banco Central do Brasil |
|---|---|
| Year | 1986 |
| Type | Standard circulation banknote |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | BANCO CENTRAL DO BRASIL 50 000 BANCO CENTRAL DO BRASIL 50 CRUZADOS OSWALDO CRUZ PRESIDENTE DO CONSELHO MONETÁRIO NACIONAL PRESIDENTE DO BANCO CENTRAL DO BRASIL 50 000 cinqüenta mil cruzeiros CASA DA MOEDA DO BRASIL (Translation: Central Bank of Brazil 50 000 Central Bank of Brazil 50 Cruzados Oswaldo Cruz President of the National Monetary Council President of the Central Bank of Brazil 50 000 Fifty Thousand Cruzeiros Brazilian Mint) |
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| Reverse lettering | 50 000 INSTITUTO OSWALDO CRUZ 50 000 CINQÜENTA MIL CRUZEIROS (Translation: 50 000 Oswaldo Cruz Institute 50 000 Fifty Thousand Cruzeiros) |
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| Comments |
Brazil's 1986 Cruzado reform was one of the more dramatic currency overhauls in the country's inflationary history — overnight on 28 February, the cruzeiro was replaced at a rate of 1,000 to 1, and the Casa da Moeda simply didn't have time to print an entirely new note series from scratch. The solution was mechanical overprinting on existing cruzeiro stock, which is exactly what produced this piece. P#204 was a 50,000 cruzeiro note; the overprint converted it nominally and legally into 50 cruzados.
The reform initially worked — inflation dropped sharply — but had collapsed by late 1986, meaning notes like this circulated hard during a brief window of manufactured monetary stability.