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| 正面描述 | 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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| 正面铭文 | REPUBLICA DOS ESTADOS UNIDOS DO BRAZIL NO THESOURO NACIONAL SE PAGARÁ AO PORTADOR DESTA A QUANTIA DE 500 QUINHENTOS MIL REIS VALOR RECEBIDO 500 500 500 500 AMERICAN BANK NOTE COMPANY A CAIXA DE ESTABILIZAÇÃO pagará ao portador, à vista, no Rio de Janeiro, em ouro, conforme a Lei n.º 5108, de 18 de Dezembro de 1926 a quantia de 500$000 VALOR RECEBIDO EM OURO (Translation: Republic of the United States of Brazil In the National Treasury will be paid to the carrier of this amount of Five Hundred Thousand Réis Amount Received The Stabilization Fund will pay the bearer, in cash, in Rio de Janeiro, in gold, according to Law No. 5108, from December 18, 1926 to amount of 500$000 Amount Received in Gold) |
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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 The overprinted series was withdrawn, making survivors genuinely uncommon.