Catalog
50 Mil Réis Caixa de Conversão, 2nd. Print
| Issuer | Caixa de Conversão |
|---|---|
| Year | 1910 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | 50 50 REPUBLICA DOS ESTADOS UNIDOS DO BRASIL A CAIXA DE CONVERSÃO PAGARÁ AO PORTADOR A QUANTIA DE CINCOENTA MIL REIS EM OURO AMOEDADO AO CAMBIO DE 16d. Por 1 $. Lei N. 2357 de 31 de Dezembro de 1910. CINCOENTA MIL RÉIS 50 50 (Translation: The Conversion Fund will pay the holder the amount of fifty Thousand Réis in gold coin at an exchange rate of 16d. for $1. Law No. 2357 of December 31, 1910. Fifty Thousand Réis) |
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| Protection description | Arms of the Republic. |
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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.