50 Mil Réis Thesouro Nacional, 17th. Print

Brazil's Thesouro Nacional relied heavily on Waterlow & Sons through the 1930s, and this note is one of the later impressions in a long-running series that extended well beyond its original design mandate — the "17ª Estampilha" designation marks it as the seventeenth printing iteration of a type that had been in circulation since the early twentieth century, updated and reissued to meet demand rather than replaced outright.

Waterlow's collapse into scandal and insolvency came in 1961 after the Portguese escudo forgery affair, but by 1936 the firm was still one of the most trusted security printers available to smaller and mid-tier sovereign issuers in the Americas.