20000 Réis – Brazil
Brazil
Obverse
Description:
Edge with dashed ring. Center: allegory of the Republic facing left, encircled by "REPUBLICA DOS ESTADOS UNIDOS DO BRAZIL" and the date * 1910 * flanked by stars.
Inscription:
REPUBLICA DOS ESTADOS UNIDOS DO BRAZIL
* 1910 *
* 1910 *
Translation:
REPUBLIC OF THE UNITED STATES OF BRAZIL
* 1910 *
* 1910 *
Script: Latin
Language: Portuguese
Engraver: Francisco José Pinto Carneiro
Reverse
Description:
Dashed border ring with "ORDEM E PROGRESSO" above and "* 15 DE NOVEMBRO DE 1889 *" below. Center features the Southern Cross constellation inside a circle, surrounded by a ring of 21 five-pointed stars.
Inscription:
ORDEM E PROGRESSO
* 15 DE NOVEMBRO DE 1889 *
* 15 DE NOVEMBRO DE 1889 *
Translation:
Order and Progress
* 15 November 1889 *
* 15 November 1889 *
Script: Latin
Language: Portuguese
Engraver: Francisco José Pinto Carneiro
Edge
Reeded
Categories
| Symbol> Allegory |
| Symbol> Phrygian cap |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1889 | — | 73,494 | ||
| 1892 | — | 7,738 | ||
| 1893 | — | 4,303 | ||
| 1894 | — | 4,266 | ||
| 1895 | — | 4,811 | ||
| 1896 | — | 7,043 | ||
| 1897 | — | 10,600 | ||
| 1898 | — | 14,300 | ||
| 1899 | — | 9,558 | ||
| 1900 | — | 7,551 | ||
| 1901 | — | 784 | ||
| 1902 | — | 884 | ||
| 1903 | — | 675 | ||
| 1904 | — | 444 | ||
| 1906 | — | 396 | ||
| 1907 | — | 3,310 | ||
| 1908 | — | 6,001 | ||
| 1909 | — | 4,427 | ||
| 1910 | — | 5,119 | ||
| 1911 | — | 8,467 | ||
| 1912 | — | 4,878 | ||
| 1913 | — | 5,182 | ||
| 1914 | — | 1,980 | ||
| 1917 | — | 2,269 | ||
| 1918 | — | 1,216 | ||
| 1921 | — | 5,934 | ||
| 1922 | — | 2,681 |
Historical background
In 1889, Brazil's currency situation was characterized by profound instability and inflationary pressures, a legacy of the Paraguayan War (1864-1870). To finance the conflict, the government had resorted to printing vast quantities of unbacked paper money, the mil-réis. This led to a severe divergence between the value of this circulating paper currency and the gold-backed mil-réis, creating a chaotic system of dual exchange rates. By the end of the war, the paper currency had depreciated significantly, and the government's subsequent attempts to contract the money supply and restore parity with gold proved politically and economically painful, failing to achieve stability.
The monetary chaos was exacerbated by a fragmented banking system. The Banco do Brasil, which acted as the government's financial agent, continued to issue notes without sufficient metallic backing, while regional banks also issued their own currencies. This proliferation of credit and paper money fueled speculation and wild fluctuations in exchange rates, harming foreign trade and creating uncertainty for both domestic and international merchants. The economy was effectively operating on an inconvertible paper standard, with the value of money dictated more by government fiscal needs and market speculation than by any tangible asset.
This unsustainable financial environment was a key factor undermining the credibility of the Imperial government of Pedro II. The monetary disorder directly impacted the powerful coffee-exporting oligarchy, who saw the value of their earnings eroded, and contributed to broader discontent with the regime's economic management. When the Republic was proclaimed in November 1889, the new government inherited this dire monetary crisis, making financial and currency reform one of its most immediate and critical challenges. The eventual solution would come with the encilhamento policy of the early 1890s, a disastrous period of speculative frenzy and rampant inflation that further complicated Brazil's path toward monetary stability.
The monetary chaos was exacerbated by a fragmented banking system. The Banco do Brasil, which acted as the government's financial agent, continued to issue notes without sufficient metallic backing, while regional banks also issued their own currencies. This proliferation of credit and paper money fueled speculation and wild fluctuations in exchange rates, harming foreign trade and creating uncertainty for both domestic and international merchants. The economy was effectively operating on an inconvertible paper standard, with the value of money dictated more by government fiscal needs and market speculation than by any tangible asset.
This unsustainable financial environment was a key factor undermining the credibility of the Imperial government of Pedro II. The monetary disorder directly impacted the powerful coffee-exporting oligarchy, who saw the value of their earnings eroded, and contributed to broader discontent with the regime's economic management. When the Republic was proclaimed in November 1889, the new government inherited this dire monetary crisis, making financial and currency reform one of its most immediate and critical challenges. The eventual solution would come with the encilhamento policy of the early 1890s, a disastrous period of speculative frenzy and rampant inflation that further complicated Brazil's path toward monetary stability.
Series: 1889 Brazil circulation coins
💎 Extremely Rare