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10 Cruzados overprinted on P# 203
| Issuer | Banco Central do Brasil |
|---|---|
| Year | 1986 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Cruzado (1986-1989) |
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| Obverse description | At right, an intaglio portrait vignette of statesman and jurist Rui Barbosa de Oliveira (1849–1923); at left, a detailed vignette of a writing table with a lamp, an open book inscribed DEUXIÈME CONFÉRENCE DE LA PAIX LAHAYE 1907, a blotter, a set of quill pens, and a sheet of written paper, flanked by a vertical strip of eight open-book vignettes bearing the inscriptions DIREITO and LIBERDADE. A circular black overprint stamp reading 10 CRUZADOS is applied over the original 10,000 Cruzeiros denomination. |
|---|---|
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| Protection type | Watermark |
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| Comments |
Brazil's 1986 Plano Cruzado replaced the cruzeiro at a rate of 1,000 to 1, and the transition happened faster than new notes could be printed. Rather than delay, the Banco Central simply overprinted existing cruzeiro stock — in this case the P#203 — with the new denomination and currency name. It was a monetary reform executed largely with a rubber stamp.
The overprint series was always a stopgap, and most examples passed through heavy retail circulation before purpose-printed cruzado notes arrived. The Plano Cruzado itself collapsed within two years, making the entire overprint episode a brief, chaotic footnote in Brazil's long struggle with hyperinflation throughout the 1980s.