Brazil Banknotes: History, Notable Notes, and Collecting Guide
Brazil has changed its currency again and again: from the cruzeiro to the cruzado, the cruzeiro real, and today's real, most of those switches were redenominations forced by decades of high inflation. That turbulent history is exactly what makes Brazilian banknotes so collectible, and so approachable.
Last updated: July 2026
Brazil has issued paper money under several currencies: the real of the colonial and early republican era, the cruzeiro, the cruzado, the cruzeiro real, and, since 1994, the modern real. Most of the changes between the 1940s and the 1990s were redenominations, meaning a new unit replaced the old one at a fixed ratio to make cash usable again after prices had raced ahead of it. For collectors, that history is the draw. A modest Brazil collection can trace an entire country through inflation and reform, and because so many late-era notes left circulation in bundles, they are widely available today in crisp Uncirculated condition.
Why has Brazil changed its currency so many times?
The short answer is inflation. From the 1940s through the early 1990s, Brazil repeatedly replaced its currency to make everyday cash usable again after prices had outrun it. Each reform lopped zeros off the old money and gave it a new name.
The cruzeiro arrived in 1942, replacing the old real (plural reis) at a rate of one cruzeiro to one thousand reis. A 1967 reform introduced the cruzeiro novo, again worth one thousand of the prior units, and by 1970 the word novo was dropped and the currency was simply the cruzeiro once more. Inflation accelerated through the 1980s, and the pace of reform accelerated with it. The cruzado replaced the cruzeiro in 1986 under the Plano Cruzado, the cruzado novo followed in 1989, and in 1990 that unit was renamed the cruzeiro. A short-lived cruzeiro real appeared in 1993. In most of these steps, one new unit was worth one thousand of the old.
The cycle finally broke on July 1, 1994 with the Plano Real, which introduced the real (symbol R$) still in use today, with one real set equal to 2,750 cruzeiros reais. Rather than simply printing new notes, the plan first anchored prices to a transitional accounting unit, the Unidade Real de Valor or URV, before the new cash was issued. That design is a large part of why the real succeeded where earlier reforms had not.
Just how severe was the inflation behind all of this? Per the Hanke-Krus World Hyperinflation Table (Cato Institute), Brazil experienced an episode of hyperinflation that peaked in March 1990 at a monthly inflation rate of roughly 82 percent. For how Brazil compares with the most extreme cases in history, see every hyperinflation ranked.
Which Brazilian banknotes are most collectible?
The most collectible Brazil notes fall into two camps: the transitional notes of the inflation years, and the modern real series. The table below outlines the main currencies a collector will encounter, in order.
| Currency | In use | Introduced at | Why collectors want it |
|---|---|---|---|
| Real (reis) | Colonial era to 1942 | Original currency | Brazil's oldest paper money, carrying historical portraits and allegorical designs. |
| Cruzeiro (Cr$) | 1942 to 1967 | 1,000 | The first modern series, replacing the real at one cruzeiro to one thousand reis. |
| Cruzeiro novo / cruzeiro | 1967 to 1986 | 1,000 | A long-running series that saw provisional overprints as inflation climbed. |
| Cruzado (Cz$) | 1986 to 1989 | 1,000 | Born of the Plano Cruzado, its first issues were overstruck cruzeiro notes. |
| Cruzado novo | 1989 to 1990 | 1,000 | A brief series introduced by the Plano Verao, quickly overtaken by the next reform. |
| Cruzeiro (new) | 1990 to 1993 | Renamed at par | The cruzado novo renamed rather than revalued, again seen with transition overprints. |
| Cruzeiro real (CR$) | 1993 to 1994 | 1,000 | The last and shortest-lived of the inflation currencies. |
| Real (R$) | 1994 to present | 2,750 | The modern currency that ended hyperinflation, with native wildlife on every reverse. |
Two features make certain notes stand out. First, during several reforms the mint did not have time to print entirely new notes, so existing notes were overprinted or counterstamped with the new currency name and value. These provisional transition notes are a favorite of specialists because they physically capture the moment one currency became another. Second, the modern real series is popular with beginners and thematic collectors: the notes carry the sculpted Effigy of the Republic on the front and native Brazilian animals on the back, from the hummingbird to the jaguar, with a 200-real note featuring the maned wolf added in 2020. The notes are produced by the national mint, Casa da Moeda do Brasil, for the Central Bank of Brazil (Banco Central do Brasil).
How do you start collecting Brazil banknotes?
Pick a thread and follow it. A natural first project is a story-of-inflation set: one representative note from each currency, arranged in order, so the whole sequence from cruzeiro to real sits on a single album page. Another is a modern real type set built around the wildlife reverses, which is inexpensive and easy to complete in Uncirculated grade. Collectors who want the drama of the inflation era often focus on high-denomination cruzeiro and cruzado notes, or on the overprinted transition issues.
Whichever direction you choose, condition and authenticity protect the value of what you buy. Most late-inflation and modern notes are common in Uncirculated (UNC) condition, the top of the letter-grade ladder that runs UNC, AU, XF, VF, F, VG, G, so there is little reason to settle for worn examples. For a full walkthrough of building a world collection, see how to collect world banknotes, and to understand how professional grades are assigned on the 1-to-70 scale used by PMG and PCGS, see our banknote grading guide.
Where can you buy Brazil banknotes?
Buy from a source-first dealer that documents where its notes come from. Planet Banknote stocks Brazilian notes and ships each one with a free Certificate of Authenticity, and because inventory and grades change, we point you to the live listings rather than quoting prices that would go stale.
A practical way in is to buy a single high-denomination cruzeiro or cruzado note for the story, then add a modern real note or two to anchor the set in the present. Because so many Brazil notes are available in Uncirculated condition, the deciding factor is rarely grade. What matters most is buying from a dealer that stands behind authenticity.
Frequently asked questions
How many different currencies has Brazil had?
Brazil has issued paper money under several currencies, including the real of the colonial and early republican era, the cruzeiro, the cruzado, the cruzeiro real, and the modern real introduced in 1994. Most of the changes between roughly 1942 and 1994 were redenominations, meaning a new unit typically replaced one thousand of the old one to make cash usable again after high inflation. The current currency, the real, has been in circulation since 1994.
What is the difference between the cruzeiro, the cruzado, and the real?
They are successive Brazilian currencies. The cruzeiro was used, in several versions, from 1942 into the 1980s and again in the early 1990s. The cruzado replaced it in 1986 and was followed by the cruzado novo in 1989. The real, introduced in 1994 by the Plano Real, is the modern currency and the one that finally ended Brazil's long inflation. Each earlier reform generally exchanged one new unit for one thousand of the previous one.
How bad was Brazil's inflation?
Severe enough that Brazil replaced its currency repeatedly to keep cash usable. Per the Hanke-Krus World Hyperinflation Table (Cato Institute), Brazil experienced an episode of hyperinflation that peaked in March 1990 at a monthly inflation rate of roughly 82 percent. That figure is attributed to that named source. The Plano Real of 1994 is what finally brought lasting price stability.
Are old Brazilian banknotes still worth anything?
Yes, but as collector items rather than as spendable money. Each redenomination retired the previous currency, so cruzeiro, cruzado, and cruzeiro real notes can no longer be spent. Their value today comes from collector demand, which depends on the note's condition, rarity, and authenticity. Many late-inflation notes are common and affordable, while certain provisional and early issues are scarcer.
What animals are on modern Brazilian real banknotes?
The modern real series shows the sculpted Effigy of the Republic on the front and native Brazilian wildlife on the back. The animals include the hummingbird, sea turtle, great egret, macaw, golden lion tamarin, jaguar, and grouper, and a 200-real note featuring the maned wolf was added in 2020. These wildlife reverses make the real series a popular, affordable entry point for new collectors.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.