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50 Mil Réis Caixa de Conversão, 2nd. Print
| Issuer | Caixa de Conversão |
|---|---|
| Year | 1910 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Real (1799-1942) |
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| Printer | Log in to see details |
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| Obverse description | Lithograph in black on orange underprint. At left, a white circular medallion bearing a filigree vignette with the Arms of the Republic; at centre-upper area, a vignette of the Conversion Fund (Caixa de Conversão) building. The face value numeral '50' appears in each corner, with the full denomination and statutory legend running across the centre of the note. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Lithograph in violet. At left, a circular medallion bearing a right-facing female profile, an allegory of the Republic. The face value numeral '50' is repeated across the note, with the printer's imprint appearing at the lower margin. |
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| Comments |
The Caixa de Conversão was a Brazilian exchange stabilization fund established in 1906 under Finance Minister Leopoldo de Bulhões, designed to peg the milréis to a fixed gold rate and halt the chronic depreciation that had plagued the currency since the Encilhamento speculation crisis of the early 1890s. The institution issued its own notes convertible into gold at par — a genuine convertibility commitment, not merely a declaration of intent.
Pietro Miliani's Fabriano mill had been producing fine paper since the thirteenth century and was a credible security printer choice. The 2nd print designation distinguishes this from the earlier issue; by 1910 the Caixa was already under political pressure, and it was liquidated the following year when the rubber boom disguised the underlying balance-of-payments weakness long enough for the government to abandon the gold peg entirely.