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| 正面描述 | Black lithograph on multicolour underprint, with an oval portrait vignette of Borges de Medeiros at the lower left, captioned in a banner beneath. The denomination 'CINCOENTA MIL RÉIS' is set in bold letterpress across the upper centre, below the issuer title, with a small central vignette of a locomotive and transport scene flanked by fine guilloche scrollwork. The series letter 'E' appears in a cartouche at upper right, with the numeral '50' rendered in large ornate figures at lower left and lower right corners. |
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| 背面铭文 | THESOURO do ESTADO do RIO GRANDE do SUL Lithographia da Livr. Do Globo. Porto Alegre (Translation: Treasury of State of Rio Grande do Sul Lithography of Globo Bookshop. Porto Alegre) |
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Rio Grande do Sul's state treasury issued these bonds as emergency quasi-currency during the economic wreckage that followed the 1929 crash and Brazil's political upheaval under Vargas. The state had backed the 1930 revolution that brought Vargas to power, and its relative autonomy in the early 1930s allowed it to issue circulating obligations that functioned as local paper money — a practice the federal government tolerated only briefly before moving to consolidate monetary control.
Lithografia da Livraria do Globo was a Porto Alegre commercial printer, not a security press. The Series E designation suggests multiple emission rounds, pointing to sustained fiscal pressure rather than a single emergency issue.