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| 表面の銘文 | ログイン して詳細を見る |
| 裏面の説明 | Printed in sepia on ochre underprint using intaglio technique. The central vignette presents three female allegorical figures representing the Arts, Agriculture, and Commerce. Denomination numerals and inscription panels frame the central composition, with the printer's imprint of Waterlow & Sons Ltd repeated at the base. |
| 裏面の銘文 | REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL A CAIXA DE CONVERSÃO 50 50 CINCOENTA CINCOENTA CINCOENTA MIL RÉIS Waterlow & Sons Ltd Londres, Inglaterra. (Translation: Republic of the United States of Brazil The Conversion Fund Fifty Fifty Fifty Thousand Réis Waterlow & Sons Ltd London, England.) |
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| 偽造防止技術 | ログイン して詳細を見る |
| 偽造防止の説明 | ログイン して詳細を見る |
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The Caixa de Conversão was established in 1906 under Finance Minister Leopoldo de Bulhões as a direct response to chronic exchange rate instability that had plagued Brazilian trade since the 1890s. Its mechanism was straightforward: gold or foreign currency deposited at the fixed rate of 15 pence to the milréis would be issued as convertible notes — a hard-backed paper supply deliberately separated from the inflationary emissions of the Banco do Brasil.
Waterlow & Sons produced the plates in London, and the series is generally well-executed for its period. The convertibility guarantee proved short-lived; the Caixa was suspended in 1914 when the outbreak of war drained gold reserves and made the fixed peg untenable.