50 Mil Réis Caixa de Conversão, 2nd. Print

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.