5000 Cruzeiros Reais

The Cruzeiro Real was a transitional currency, introduced in August 1993 as Brazil lurched through one of the most sustained hyperinflationary episodes of the twentieth century. It replaced the Cruzeiro at 1:1,000 but lasted barely a year before being displaced by the Real in July 1994 — itself the product of the Plano Real, the stabilization program that finally broke the inflationary cycle that had been running since the mid-1980s. A 5,000-unit denomination becoming necessary within that single year tells you everything about the pace of monetary deterioration.

Casa da Moeda do Brasil handled all domestic production throughout the series. Watermark-only security on a note of this face value reflects how quickly denominations were outpacing infrastructure upgrades.