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50 Mil Réis State Bonus, Series F
| Issuer | Tesouro do Estado do Rio Grande do Sul |
|---|---|
| Year | 1934 |
| Type | Local banknote |
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| Obverse description | Black text on orange and multicolour underprint, with guilloche patterning framing the design. Portrait of Borges de Medeiros at centre, with the denomination numeral and full bond text arranged around the vignette. The note functions as an interest-bearing state treasury bond, with extensive legal text citing the authorising law and subsequent decrees. |
|---|---|
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| Protection type | Watermark |
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| Comments |
Rio Grande do Sul's state treasury issued its own paper currency well into the republican period, a practice that reflected the unusual degree of fiscal autonomy Getúlio Vargas's home state had carved out before his 1930 rise to power. By 1934, that autonomy was already being wound down under the centralizing pressure of the Estado Novo's precursor policies — making the Series F emissions among the last of their kind from any Brazilian state treasury.
Lithografia da Livraria do Globo was a Porto Alegre commercial printer, not a security printing specialist. The watermark is the only real concession to anti-counterfeiting, which says something about the note's intended circulation environment.