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| 正面描述 | Printed in black on a polychrome underprint, combining intaglio and lithographic techniques. A vignette of the allegorical figure of Mercury is positioned at the left, with the denomination and issuer legends arranged across the face within ornate guilloche borders. The printer's imprint of American Bank Note Co., New York, appears in the lower margin. |
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| 背面描述 | Printed entirely in red, executed in intaglio, with an elaborate all-over guilloche pattern filling the field. A large central numeral "50" is set within a complex rosette medallion, flanked by four smaller denomination numerals in circular guilloche vignettes at the corners. The legend is broken into three registers reading "REPUBLICA / DOS ESTADOS / UNIDOS DO BRAZIL" with the printer's imprint at the bottom margin. |
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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.