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50 Mil Réis 1932 Revolution Bonus, 1st. Print

Issuer Thesouro do Estado de São Paulo
Year 1932
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In circulation to 31 December 1932
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Obverse description Printed in dark green and yellow using a combination of intaglio and lithography, the obverse is centred on an oval portrait vignette of the bandeirante Domingos Jorge Velho, flanked at left and right by large repeated Arabic numerals '50' serving as an underprint. Typeset panels carry the full redeemability clause, the decree reference (No. 5585 of 14 July 1932), and the printer's imprint, while a diagonal handwritten conference signature crosses the body of the note.
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Reverse lettering 50 50 BONUS DO THESOURO DO ESTADO DE SÃO PAULO PRÓ CONSTITUIÇÃO
(Translation: Treasury Bonus of the State of São Paulo Pro Constitution)
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Comments

The Constitutionalist Revolution of 1932 pitted São Paulo against the federal government of Getúlio Vargas, and when the state found itself effectively cut off from federal monetary channels, the Tesouro do Estado de São Paulo issued its own emergency paper to fund the war effort. These "bônus" were not currency in any conventional banking sense — they were interest-bearing obligations backed by state credit, pressed into circulation out of fiscal necessity during a three-month armed conflict.

Companhia Melhoramentos, better known as a printer of books and school materials, produced the notes locally under wartime conditions. The 1st Print designation distinguishes this from a later reissue, differences between the two typically found in minor typographic details.

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