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500 Mil Réis Thesouro Nacional, 12th. Print

Issuer Thesouro Nacional (National Treasury of Brazil)
Year 1918
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Value 500 000 Réis (500 000)
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Obverse description Blue intaglio on polychrome lithographic underprint. A central vignette presents the portrait of José Bonifácio de Andrada e Silva (1763–1838), flanked on both sides by the denomination numeral 500. A diagonal manuscript conference signature crosses the body of the note.
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Reverse description Brown intaglio. The central vignette presents the Coat of Arms of the Republic of the United States of Brazil, flanked on both sides by the denomination numeral 500.
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Comments

Brazil's National Treasury had used the American Bank Note Company for high-denomination paper throughout the late imperial and early republican periods, and this 1918 issue of the 500 Mil Réis continues that long-running contract relationship. The "12th Print" designation matters: ABNC produced successive printings of the same basic plate across multiple years, with the print number being the primary means of distinguishing otherwise near-identical notes in the series.

Brazil entered a period of significant monetary stress following World War One — coffee export revenues collapsed as European demand dried up, and the mil réis lost roughly half its exchange value against sterling between 1914 and 1920. High-denomination notes like this one were being issued into an economy where they bought considerably less than when the series was first designed.

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