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| 正面描述 | Printed in dark blue-grey on a light ground, the obverse centres on an intaglio portrait vignette of Domingos Jorge Velho, flanked on both sides by guilloche scrollwork panels bearing the repeated denomination numeral '50'. The heading 'THESOURO DO ESTADO DE S. PAULO. BRAZIL' runs along the top margin, and a diagonal overprint reading 'PRO-CONSTITUIÇÃO' is struck across the upper field in reference to the Constitutionalist Revolution of 1932. Two red serial numbers appear at upper left and lower right, with a bearer clause in small letterpress text at lower right citing Decreto N.º 5585 of 14 July 1932. |
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| 正面铭文 | THESOURO DO ESTADO DE S. PAULO. BRAZIL PRO-CONSTITUIÇÃO DOMINGOS JORGE VELHO CINCOENTA MIL REIS O portador deste receberá no Thesouro do Estado de S. Paulo a quantia de 50$000 (cincoenta mil réis) de acordo com o Decreto N.º 5585 de 14 de Julho de 1932. |
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The Thesouro do Estado de São Paulo issued emergency notes during the Constitutionalist Revolution of 1932, when the state rose against the Vargas federal government following the 1930 coup. Cut off from federal currency supplies and facing the practical demands of funding a military campaign, São Paulo's treasury produced its own paper to keep commerce and payroll moving during the three-month conflict.
The revolution was crushed by October 1932, and these notes had no legal standing beyond the state's own territory during the brief period of hostilities. Federal redemption was partial and disputed.