200 Mil Reis

The Banco da República dos Estados Unidos do Brazil was itself a creature of crisis — established in 1890 under Finance Minister Rui Barbosa's ill-fated "Encilhamento" reforms, a speculative credit expansion that flooded Brazil with paper money and ultimately collapsed in a severe financial panic by 1891. This note belongs to that initial emission, ordered from the American Bank Note Company as the newly proclaimed republic scrambled to build financial infrastructure from scratch within months of the November 1889 coup.

ABNC's Brazilian work of this period is generally well-executed, but the Encilhamento-era notes were issued so aggressively and in such volume that circulated survivors tend to show heavy wear.