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500 Mil Réis Caixa de Conversão, 1st. Print
| Issuer | Caixa de Conversão do Brasil |
|---|---|
| Year | 1909 |
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| Printer | Joh. Enschedé en Zonen, Haarlem, Netherlands |
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| Obverse lettering | REPÚBLICA DOS ESTADOS UNIDOS DO BRAZIL QUINHENTOS MIL RÉIS A CAIXA DE CONVERSÃO Pagará ao Portador á vista, no Rio de Janeiro a importância deste bilhete em ouro amoedado ao cambio em quinze dinheiros por Mil Réis, valor recebido nos termos da lei n. 1575 de 6 de Dezembro de 1906. 500$000 Joh Enschede en Zonen, Holanda (Translation: Republic of the United States of Brazil Five Hundred Mil Reis The Conversion Fund will pay the bearer in cash, in Rio de Janeiro, the amount of this note in coined gold at the exchange rate of fifteen pence per Mil Reis, amount received under the terms of Law No. 1575 of December 6, 1906. Joh Enschede en Zonen, Netherlands) |
| Reverse description | Printed in sepia on a green ground by intaglio, the reverse is centred on a detailed architectural vignette of the Conversion Fund (Caixa de Conversão) building, framed by guilloche border work. The denomination is reinforced by repeated gold-reference inscriptions arranged around the central vignette. |
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| Comments |
The Caixa de Conversão was a short-lived monetary institution created in 1906 under Finance Minister Leopoldo de Bulhões, designed to stabilize the milréis by issuing notes backed by gold at a fixed exchange rate of 15 pence per mil réis. It worked, briefly — the rate held, and the Caixa accumulated reserves. The 1909 printing by Enschedé in Haarlem reflects that moment of relative confidence in Brazilian public finance.
The institution was liquidated in 1914 when the First World War made the gold peg impossible to maintain. Notes issued by the Caixa de Conversão were absorbed into the broader federal paper money supply, which dilutes their distinct institutional identity in most collections today.