50 Mil Reis

The Thesouro do Estado do Rio Grande do Sul issued regional currency during the early Republic period under provisions that allowed Brazilian states limited rights to emit their own notes — a practice the federal government progressively dismantled through the 1920s and 1930s. By 1932, that window was effectively closed, which makes this note politically awkward to date: it falls the same year as the Constitutionalist Revolution and Getúlio Vargas's consolidation of federal authority following the 1930 coup.

Litografia e Livraria do Globo was a Porto Alegre commercial press, not a security printer. The absence of specialist intaglio work is immediately apparent in surviving examples, which show relatively simple lithographic execution with no deep-relief engraving.