500 Mil Réis Banco da República do Brasil, 1st. Print

The Banco da República do Brasil was itself a short-lived institution — formed in 1892 through the forced merger of the Banco do Brasil and the Banco República dos Estados Unidos do Brasil, it collapsed in 1896 and was liquidated as part of the broader unwinding of the Encilhamento, Brazil's catastrophic speculative bubble of the early 1890s. This note was printed in Leipzig during that narrow and turbulent window of the bank's existence.

Giesecke & Devrient had become Brazil's preferred security printer by this period, and the 1st Print designation indicates subsequent printings followed — likely as the bank burned through reserves faster than anticipated. The watermark remains the only security feature, which was already conservative for the era.