Description: 500,000 Mil Cruzeiros, (1993), P-236b, CU. Scarce & Very Attractive! The cruzeiro served as Brazil's currency from 1990 to 1993, marking the third version of a currency previously known as "cruzeiro." It replaced the cruzado novo at an equal value. The cruzeiro remained in use until 1993, when it was succeeded by the cruzeiro real at a conversion rate of 1 cruzeiro real to 1000 cruzeiros. During late 1989 and early 1990, Brazil experienced severe inflation, leading to significant monetary instability that diverted most resources into financial speculation. In response, President-elect Fernando Collor reached out to then-President Jos Sarney, who was nearing the end of his term, and they mutually agreed to implement a bank holiday from March 12 to 15. Upon taking office, President Collor enacted a policy that resulted in the confiscation and freezing of 80% of the funds in bank accounts, with the exception of accounts holding a maximum of 50,000 cruzados novos, for a duration of 18 months, barring exceptional circumstances. The currency in circulation was renamed to Cruzeiro, and the economic shock led to a recession. During this period, old Cruzeiro banknotes (up to 10 centavos of Cruzado Novo) were withdrawn, and the remaining Cruzado banknotes were gradually phased out until the end of 1990. Although inflation decreased compared to the early 1990s, the Collor Plan failed to bring inflation down to manageable levels. Despite the implementation of Plano Collor I in 1990 and the subsequent Plano Collor II in 1991, inflation remained elevated, and political instability hindered efforts for economic stabilization, which was ultimately achieved with the introduction of the Plano Real in 1994. Item ordered may not be exact piece shown. All original and authentic.
Price: 13.5 USD
Location: Portsmouth, New Hampshire
End Time: 2024-11-27T00:18:23.000Z
Shipping Cost: 6.25 USD
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Return shipping will be paid by: Buyer
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
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