50 Mil Réis Thesouro Nacional, 12th. Print

The Tesouro Nacional series of this period was printed almost entirely by American Bank Note Company under long-standing contracts that dated back to the Empire. By 1911, Brazil had been a republic for over two decades, but the reliance on New York printing houses remained unbroken — partly institutional inertia, partly the absence of a domestic security printer capable of matching ABNCo's intaglio quality.

The "12th Print" designation reflects the Brazilian practice of tracking successive print runs within a single authorized series rather than issuing new Pick numbers for each order. Distinguishing prints typically requires examining serial number ranges and minor typographic variations in the treasury numbering blocks.