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10 Mil Réis Caixa de Conversão, 1st. Print
| Issuer | Caixa de Conversão do Brasil |
|---|---|
| Year | 1907 |
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| Reference(s) | P#94 |
| Obverse description | Sepia intaglio and lithographic print on paper. At center, an oval vignette contains a portrait of Afonso Augusto Moreira Pena (1847–1909), sixth President of Brazil (1906–1909); to the right, the Arms of the Republic; to the left, a allegorical female figure alongside the National Flag. Denomination numerals appear in the upper corners, with full bilingual inscription and legal text running across the face. |
|---|---|
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| Reverse lettering | A CAIXA DE CONVERSÃO 10 10 REPUBLICA DOS ESTADOS UNIDOS DO BRAZIL DEZ MIL RÉIS DEZ MIL RÉIS Waterlow & Sons Ltd Londres, Inglaterra. (Translation: The Conversion Fund Republic of the United States of Brazil Ten Thousand Réis Ten Thousand Réis Waterlow & Sons Ltd London, England.) |
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| Comments |
The Caixa de Conversão was a short-lived currency board established in 1906 under Finance Minister Leopoldo de Bulhões, designed to stabilize the milréis by pegging it to gold at a fixed rate of 15 pence. The institution issued its own notes backed by gold deposits — a deliberate break from the inflationary paper emissions that had plagued Brazil since the Encilhamento crisis of the early 1890s.
Waterlow & Sons produced the plates in London, and this first print predates the 1910 revision series by three years. The Caixa was dissolved in 1914 when wartime gold flows made the peg untenable.