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50 Cruzeiros Thesouro Nacional, 1st print, 'Valor Legal'

Issuer Tesouro Nacional (Brazil)
Year 1961
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Composition Cotton paper
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Obverse description Blue intaglio on polychrome offset underprint. The central vignette presents a formal portrait of Princess Isabel (Isabel Cristina Leopoldina Augusta Micaela Gabriela Rafaela Gonzaga de Bourbon-Duas Sicílias e Bragança), set within an ornate engraved frame and flanked on either side by the denomination numeral 50. The guilloche underprint extends across the full face, with inscriptions identifying the issuing authority and value distributed along the upper and lower margins.
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Reverse description Violet intaglio on plain ground. The central vignette reproduces an allegorical scene representing the Lei Áurea (Golden Law), after a painting by Cadmo Fausto de Sousa, with the denomination numeral 50 appearing at each corner within guilloche rosettes. Marginal inscriptions name the issuing republic and the printing firm.
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Comments

Brazil's Tesouro Nacional notes of this period occupy an odd administrative position — technically Treasury obligations rather than Banco do Brasil or Banco Central instruments, issued at a time when Brazil's currency authority was still fragmented across multiple competing institutions. The "Valor Legal" overprint distinguishes this printing from earlier issues where the denomination carried different legal-tender status under Brazilian monetary law.

ABNC's New York plant handled much of Brazil's high-security printing through the mid-twentieth century, a relationship that stretched back decades and survived repeated political upheaval in Brasília.

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