Brazilian real (historic)
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| Brazilian real (historic) | |
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| Name | Brazilian real (historic) |
| Local name | Real (plural: réis) |
| Local name lang | pt |
| Iso code | None |
| Introduced | 1690s |
| Withdrawn | 1942 (replaced by cruzeiro) |
| Subunit name | milréis |
| Used banknotes | Banco do Brasil, Caixa Econômica, Banco Central do Brasil |
| Used coins | Portuguese crown, Portuguese colonial issues |
| Issuing authority | Kingdom of Portugal, Empire of Brazil, República Velha, Estado Novo |
Brazilian real (historic) The historic real was the currency unit used in Portuguese America and independent Brazil from the colonial period through the early 20th century, denominated in réis and milréis. It circulated under successive regimes including the colonial administration of Kingdom of Portugal, the United Kingdom of Portugal, Brazil and the Algarves, the Empire of Brazil, the First Brazilian Republic, and the Estado Novo (Brazil). The currency underwent reforms, revaluations, and iconographic changes tied to political figures such as Pedro I of Brazil, Pedro II of Brazil, and presidents of the First Brazilian Republic.
Etymology and denomination
The term real derives from the Portuguese language royal coinage tradition established under the Kingdom of Portugal and earlier Iberian realms like the Kingdom of León and the Crown of Castile, tracing linguistic roots to the Latin language and medieval monetary names such as real and real de a ocho. Denominations used decimal and non-decimal units including milréis (1000 réis), conto de réis (1,000,000 réis) and variants adopted by institutions like Banco do Brasil and provincial treasuries during the Regency (Brazil). Monetary notation employed symbols akin to the Spanish dollar usage and adaptations influenced by the Portuguese escudo and later the cruzeiro (1942).
History and chronological periods
Colonial-era circulation reflected minting in Portuguese India and shipments from mints in Lisbon and the Portuguese royal mint to ports like Salvador, Bahia and Rio de Janeiro. During the Brazilian gold rushes of the 18th century, the economy of Minas Gerais and the activities of mining entrepreneurs such as Antônio Francisco Lisboa (Aleijadinho) influenced specie flows. The transfer of the Portuguese court to Brazil (1808) under Prince Regent John VI of Portugal led to expanded minting and the 1810s reforms. After independence declared by Pedro I of Brazil in 1822, imperial fiscal policy under ministers like Martim Francisco Ribeiro de Andrada adjusted currency issuance. The Abolition of the slave trade and the Pernambucan Revolt impacted monetary stability. The late 19th century saw the transition through the Proclamation of the Republic (1889), banking crises tied to entities like the Banco Comercial do Rio de Janeiro, and reform attempts during the administration of Floriano Peixoto. The First World War and postwar global monetary shocks affected exchange rates against pound sterling and United States dollar (pre-1934). The Vargas Era culminated in the 1942 conversion to the cruzeiro under policies driven by Getúlio Vargas and finance ministers including Frei Caneca-era figures and later technocrats.
Design and coinage
Coinage evolved from Portuguese colonial coin types such as the Portuguese copper and silver reales, gold escudos, and coinage struck in Lisbon and colonial mints. Brazilian issues featured monarchs like Pedro I of Brazil and Pedro II of Brazil with portraits, allegorical shields, and imperial armorial bearings derived from the Coat of Arms of the Empire of Brazil. Provincial tokens and emergency coinages appeared during crises in provinces like Bahia and Pernambuco. Industrial minting techniques influenced by firms in London and workshops in Paris and Lisbon produced patterns and proofs. Numismatic rarities include restrikes, presentation coins linked to events such as the Cry of Ipiranga commemorations, and trial pieces associated with mints in Rio de Janeiro Mint or the Casa da Moeda do Brasil.
Banknotes and security features
Banknote issuance involved private and public banks: Banco do Brasil, Banco Comercial do Rio de Janeiro, Banco do Brasil e Rio de Janeiro, Caixa Econômica Federal and state treasuries issued notes in denominations of milréis and contos. Designs featured portraits of imperial personages, allegories of the Republic after 1889 with references to figures like Deodoro da Fonseca and Floriano Peixoto, and vignettes depicting infrastructure projects such as the Estrada de Ferro Central do Brasil. Security measures evolved from simple watermarks and intaglio engraving supplied by firms in Germany and France to multi-color printing and anti-counterfeiting guilloches influenced by advances at houses like Bradbury Wilkinson and printers tied to Casa da Moeda do Brasil.
Economic context and monetary policy
Monetary policy was shaped by fiscal needs of the Portuguese crown, imperial administrations under Dom Pedro II, republican finance ministers such as Rui Barbosa, and centralization efforts culminating in the Banco Central do Brasil's predecessor frameworks. Bimetallism debates involved gold and silver standards with impacts from global events like the Latin Monetary Union debates and the collapse of silver prices. Inflationary episodes during the late 19th and early 20th centuries reflected government deficits, agricultural export shocks affecting commodities like coffee from São Paulo (state), and international crises including the Great Depression that pressured exchange stabilization policies and interventions in foreign exchange markets centered in Rio de Janeiro and São Paulo financial districts.
Transition and replacement
Political-economic modernization under Getúlio Vargas and legal measures such as statutes enacted by the National Constituent Assembly prepared for monetary reform. The 1942 conversion replaced réis with the cruzeiro via executive actions, redenomination rules, and withdrawal schedules overseen by institutions including the Ministry of Finance (Brazil) and the Casa da Moeda do Brasil. The transition involved recall of notes and coins, accounting adjustments in government ledgers, and impacts on contracts adjudicated by courts like the Supreme Federal Court (Brazil).
Legacy and numismatic significance
The historic real remains central to Brazilian numismatics studied by collectors, scholars at institutions such as the Museu Histórico Nacional (Brazil), and societies like the Brazilian Numismatic Society. Rare réis coins and banknotes command attention at auctions in Rio de Janeiro and São Paulo and appear in catalogs produced by publishers in Lisbon and London. The currency's iconography influenced postage stamps issued by Correios (Brazil) and commemorative medals struck by the Casa da Moeda do Brasil, preserving imperial and republican imagery tied to figures like Princess Isabel and statesmen such as Rui Barbosa. The réis era is a subject of study in archives including the Arquivo Nacional (Brazil) and university research at University of São Paulo, contributing to scholarship on Latin American monetary history.
Category:Currencies of Brazil