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| 正面描述 | The obverse bears the bold bank title BANCO DOS ESTADOS UNIDOS DO BRAZIL / RIO DE JANEIRO across the upper field, with the denomination 500 repeated in each corner. A central oval vignette encloses the promise-to-pay text in letterpress, flanked on the right by an allegorical female figure seated with attributes, and on the left by a second allegorical figure in a similar classical pose. The lower panel carries the inscription QUINHENTOS MIL REIS in bold letterpress, with a reference to the founding decree dated 1890 below, and two manuscript signatures along the bottom edge. |
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| 背面铭文 | QUINHENTOS MIL REIS LEI N° 3303 DE 31 DE OUTUBRO DE 1888 500 |
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The Banco dos Estados Unidos do Brazil was not a central bank but a private commercial institution granted sweeping note-issuing privileges by the newly installed republican government in late 1890 — part of the controversial Encilhamento financial reforms pushed through by Finance Minister Rui Barbosa. The policy flooded Brazil with paper credit, triggering rampant speculation and ultimately a severe monetary crisis that lasted through the mid-1890s.
This 500 Mil Reis note belongs to that first wave of republican-era emission. The bank itself was short-lived; its authorization was revoked as part of the post-Encilhamento cleanup, making the window of legitimate issue extremely narrow.