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| 正面铭文 | REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL BANCO NACIONAL DO BRAZIL RIO DE JANEIRO Na Thesouraria do Banco se pagará ao portador em moeda de ouro e à vista a quantia de QUINHENTOS MIL REIS Nos termos do Decreto nº 253 de 8 de Março de 1890. WATERLOW & SONS - CANCELLED - SPECIMEN (Translation: Republic of the United States of Brazil National Bank of Brazil in Rio de Janeiro The Bank`s Treasury will pay to the bearer in gold coin and at sight the amount of Five Hundred Thousand Reis Under the terms of Decree No. 253 of March 8, 1890.) |
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| 背面铭文 | 500 QUINHENTOS LEI 3.403 DE 24 DE NOVEMBRO DE 1888 QUINHENTOS MIL RÉIS WATERLOW & SONS - CANCELLED - SPECIMEN (Translation: Five Hundred Law No. 3,403 November 24, 1888 Five Hundred Thousand Reis) |
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The Banco Nacional do Brazil was one of several short-lived private banks of issue that emerged in the chaotic months following the Proclamação da República in November 1889. The new republican government, under Finance Minister Rui Barbosa, dramatically loosened banking regulations in 1890, triggering a speculative frenzy known as the Encilhamento — a period of reckless credit expansion, wildcat banking, and paper money proliferation that ended in a severe financial crash by 1891.
Waterlow & Sons produced this first print before the bank had established any meaningful reserve base. The institution did not survive the decade.