500 Mil Réis Thesouro Nacional, 13th. Print

Brazil's Thesouro Nacional notes of the early 1920s were issued against a backdrop of serious fiscal strain — the federal government had been financing coffee price support schemes through monetary expansion, and the milréis was under sustained depreciation pressure throughout the decade. The 500 Mil Réis denomination circulated in a register of real commercial value, not petty cash, which means surviving examples with honest wear are far more common than genuinely uncirculated ones.

Casa da Moeda do Brasil handled both design and production domestically. The "13th Print" designation in the series indicates successive contracting rounds rather than distinct design revisions — the underlying plate work remained largely consistent across prints.