500 Réis Thesouro Nacional, 3rd. Print

Brazil's Tesouro Nacional turned to the American Bank Note Company for this series at a politically turbulent moment — the country had just abolished the monarchy in 1889 and was navigating the early, unstable years of the First Republic. Federal finances were badly strained, and the treasury notes issued under these conditions were utilitarian instruments of necessity, not confidence.

The designation "3rd Print" distinguishes it within Pick 1, reflecting successive print orders placed with ABNC across the 1893–1899 window as demand and political circumstances shifted. Differentiating prints within this reference typically requires examination of serial number ranges and minor typographic variations.