500 Mil Réis Thesouro Nacional, 11th. Print

The 11th Print designation within this series reflects Brazil's chronic dependence on European printers well into the twentieth century — domestic banknote production capacity remained inadequate, and the Fabriano mill, one of Italy's oldest papermaking operations, supplied both the substrate and the finished notes. Wartime shipping across the Atlantic during 1917 was genuinely dangerous, and consignments printed in Italy would have moved through submarine-contested waters to reach Rio de Janeiro.

The watermark is the sole security feature, modest by the standards of the period but consistent across the series.