Brazil cruzeiro and cruzado banknotes

Brazil issued multiple series of banknotes across successive monetary reforms prior to the adoption of the modern real, including the cruzado and the cruzeiro real. These paper currencies were introduced to recalibrate circulation amidst rapid economic changes and facilitate accounting. The cruzado was established in 1986 to replace the second cruzeiro at a conversion rate of one cruzado to 1,000 cruzeiros, circulating until it was replaced by the cruzado novo in 1989. In August 1993, the short-lived cruzeiro real replaced the third cruzeiro at 1,000 cruzeiros to one cruzeiro real, serving until July 1994, when it was superseded by the real at 2,750 cruzeiros reais to one real.

A defining operational feature of these currency transitions was the use of provisional banknotes created by overprinting existing paper stock. Following the 1986 reform, the first cruzado banknotes were produced by overprinting cruzeiro notes in denominations of 10, 50, and 100 cruzados. A similar method was employed in 1993, when previous cruzeiro notes were overprinted in denominations of 50, 100, and 500 cruzeiros reais. Furthermore, banknotes from the preceding cruzeiro valued from 10 to 500 remained valid during the cruzeiro real period to function as fractional centavo amounts.

Both currency systems subsequently released regular, dedicated banknote series once provisional overprinted issues were established. Standard cruzado notes entered circulation in denominations of 10, 50, 100, and 500 cruzados, followed by a 1,000 cruzados note in 1987, and 5,000 and 10,000 cruzados notes in 1988. For the cruzeiro real, regular printed notes were issued in values of 1,000, 5,000, and 50,000 cruzeiros reais, while a planned 10,000 note was withheld. Across these historical issues, banknote designs are distinguished by portraits and allegorical figures on the obverse faces, paired with national scenes on the reverse.