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500 Mil Réis Caixa de Estabilização, overprint on 500 Mil Réis P# 91
| Issuer | Caixa de Estabilização do Brasil |
|---|---|
| Year | 1926 |
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| Reference(s) | P#109F |
| Obverse description | Printed in blue over a polychrome underprint in a combination of intaglio and lithography, this note constitutes an overprint on the 14th printing of the Tesouro Nacional 500 Mil Réis issue (P#91), with a central portrait vignette of statesman José Bonifácio de Andrada e Silva (1763–1838) flanked on either side by the denomination numeral 500. A diagonal manuscript conference signature crosses the body of the note, accompanied by two additional official signatures. A rectangular black letterpress overprint across the upper portion carries the Caixa de Estabilização pledge to redeem the note in gold at Rio de Janeiro pursuant to Law No. 5108 of 18 December 1926. |
|---|---|
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| Reverse description | Printed in carmine by intaglio, the reverse centres on a vignette of the Coat of Arms of the Republic of the United States of Brazil, flanked on both sides by the denomination numeral 500. The composition is enclosed within fine guilloche borderwork characteristic of American Bank Note Company production. |
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| Comments |
The Caixa de Estabilização was a short-lived currency board established by President Arthur Bernardes in 1926 to peg the milréis to gold at a fixed rate — an attempt to restore confidence following years of inflationary financing after World War One. Rather than commission an entirely new issue, the Caixa simply overprinted existing Banco do Brasil 500 Mil Réis notes (P#91) with its own authority, which is exactly what P#109F represents.
The arrangement collapsed in 1930, when the revolution that brought Getúlio Vargas to power also ended the gold peg. The overprinted series was withdrawn, making survivors genuinely uncommon.