500 Mil Réis Thesouro Nacional, 14th. Print

Brazil's Thesouro Nacional turned to the American Bank Note Company repeatedly during the 1920s for its higher-denomination issues, and this series reflects that working relationship at its most polished. The "14th Print" designation refers to the internal Brazilian classification system distinguishing successive print runs within the same basic design program — a bureaucratic habit that confuses collectors who expect such distinctions to signal major design changes. They rarely do here.

The 1924–1930 window spans a turbulent stretch of Brazilian political history, including the Tenente revolts and the lead-up to the 1930 revolution that ended the First Republic. Notes of this denomination circulated through that upheaval without interruption.