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500 Mil Réis Caixa de Conversão, 1st. Print
| Issuer | Caixa de Conversão do Brasil |
|---|---|
| Year | 1909 |
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| Reference(s) | P#99 |
| Obverse description | Printed in green by intaglio and lithography, the note presents an oval portrait vignette at right of Afonso Augusto Moreira Pena (1847–1909), 6th President of Brazil (1906–1909), with an allegorical standing male figure representing Industry at left. At lower centre, a framed landscape vignette of the Botafogo cove in Rio de Janeiro is set beneath a guilloche underprint, while the Arms of the Republic appear as a central watermark in the upper portion of the note. |
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| Reverse lettering | OURO OURO OURO OURO (Translation: Gold Gold Gold Gold) |
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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.