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| 正面描述 | The obverse is laid out as a bond-style apólice, with the title APÓLICE DO ESTADO DE ALAGOAS in bold letterpress at upper centre and THESOURO DO ESTADO DE ALAGOAS above a state arms vignette at left, which includes an eagle and the inscription BRAZIL. The denomination 200 REIS appears in the four corners and along the top and bottom borders in a guilloche-framed surround, with manuscript and typeset text in the central field referencing Empréstimo 500:000$000 at 6% annual interest, dated by law of 5 de Agosto de 1895, and a handwritten signature across the lower centre. A detachable coupon strip at the foot lists annual interest payment coupons from 1896 to 1905, each marked 12 REIS. |
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| 正面铭文 | APÓLICE DO ESTADO DE ALAGOAS THESOURO DO ESTADO DE ALAGOAS 200 REIS DUZENTOS REIS Serie L Nº 67367 EMPRÉSTIMO 500:000$000 JURO ANNUAL 6% O portador desta apólice de DUZENTOS REIS receberá no thesouro do Estado annualmente os juros de 6% a contar da data de sua emissão. Pratica na Conformidade da Lei Nº III de 5 Agosto de 1895 BRAZIL COUPON 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 12 REIS |
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The Thesouro do Estado de Alagoas was one of several Brazilian state treasuries that briefly exercised note-issuing authority during the turbulent early years of the First Republic, when the newly federalized system allowed individual states to emit their own paper. This arrangement was short-lived; the federal government moved aggressively to consolidate monetary authority through the late 1890s, and state treasury notes like this one were rendered obsolete within a few years of issue.
Alagoas was among the smaller and economically marginal states to exercise this privilege, which is precisely why surviving examples are uncommon — low original print runs, heavy circulation in a poor agricultural region, and no particular incentive for preservation.