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Brazilian cruzeiro

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Brazilian cruzeiro
cruzeiro  (Portuguese)
Cruzeiros.jpg
ISO 4217
CodeBRB
Number076
Denominations
Subunit
 1/100centavo
Pluralcruzeiros
Symbol₢ (1942–1967) or Cr$
Banknotes
 Freq. used(Cruzeiro novo): NCr$1, NCr$5, NCr$10, NCr$50, NCr$100, NCr$200, NCr$500, NCr$1000, NCr$5000, NCr$10000, NCr$50000 and NCr$100000
Coins
 Freq. used(Cruzeiro novo): NCr$0.01, NCr$0.02, NCr$0.05, NCr$0.10, NCr$0.20, NCr$0.50, NCr$1, NCr$5, NCr$10, NCr$20, NCr$50, NCr$100, NCr$200, NCr$500
Demographics
User(s)Brazil
Issuance
Central bankCentral Bank of Brazil
 Websitewww.bc.gov.br
PrinterCasa da Moeda do Brasil
MintCasa da Moeda do Brasil
This infobox shows the latest status before this currency was rendered obsolete.

The cruzeiro (Portuguese pronunciation: [kɾuˈzejɾu]) was the currency of Brazil from 1942 to 1986 (two distinct currencies) and again between 1990 and 1993. In August 1993 it was replaced by the short-lived Cruzeiro Real, itself replaced less than a year aftwards by the Real. The name refers to the constellation of the Southern Cross, known in Brazil as Cruzeiro do Sul, or simply Cruzeiro.[1] Prominently visible in the southern hemisphere, the Southern Cross (formally named Crux) is the main astronomical reference to identify the south and is a common cultural icon in Brazilian history.[2]

The first cruzeiro circulated between 1942 and 1967 and had the symbol Cr$ or ₢ (in Unicode U+20A2 CRUZEIRO SIGN (HTML ₢)). The ₢ sign was the only monetary symbol created specifically for Brazilian currencies: All the others used combinations of uppercase letters (in some cases, uppercase and lowercase) and the cifrão ($), including the current Brazilian real, which uses R$.

Due to economic crisis and severe inflation, a second cruzeiro was issued in 1967 and circulated until 1986. Initially (until 1970) it had the symbol NCr$ and was named cruzeiro novo (Portuguese for "new cruzeiro"). The name then reverted to cruzeiro and the symbol changed to Cr$ (1970–1986) with the ISO 4217 code BRB. Although the name was restored, the ₢ sign was dropped due to the lack of practical support (rare typewriters offered it, but it was also difficult to find in metal types).

Again after severe economic crisis and repeated currency changes, a third cruzeiro was created in 1990. It reissued the symbol Cr$ and had the ISO 4217 code BRE. All three cruzeiros were subdivided into 100 centavos.

The ₢ sign is still available on the standard Brazilian keyboard layout (ABNT2 keyboard) through the combination AltGr+C but the sign is disused and most people are unaware of it.[citation needed]

History[edit]

First Cruzeiro (Cruzeiro "antigo"), 1942–1967[edit]

The first cruzeiro was issued from 1942 to 1967, replacing the real at a rate of 1000 réis = 1 cruzeiro and was replaced in 1967 by the cruzeiro novo at a rate of 1000 cruzeiros = 1 cruzeiro novo. In practice, the name cruzeiro had been used for the 1000 réis unit since at least 1926, when Brazilian economist Carlos Inglês de Sousa (1882–1948) first suggested it to the government.

Coins[edit]

In 1942, coins were introduced in denominations of 10, 20 and 50 centavos, and 1, 2 and 5 cruzeiros. The centavos were initially struck in cupro-nickel, switching to aluminium bronze in 1943, whilst the cruzeiros were struck in aluminium bronze from the start. The 5 cruzeiros was not struck after 1943. Aluminium replaced aluminium bronze in 1956 and 1957 in all the coins. Coinage stopped production in 1961, restarting in 1965 with aluminium ₢10 and ₢20 coins, and cupro-nickel ₢50 coins. In 1964, the "centavo" coins were withdrawn, and the other coins were withdrawn between 1967 and 1968.

Standard circulating coins of the Cruzeiro (1942–1967)
Reverse Obverse Value Minting period Obverse description
10 Centavos de Cruzeiro BRZ de 1945.png 10 Centavos de Cruzeiro BRZ de 1945 (verso).png ₢0.10 1942–1947 Portrays Getúlio Vargas
0,20-cruzeiro-1944-reverso.png 0,20-cruzeiro-1944-anverso.png ₢0.20 1942–1948
0,50-cruzeiro-1944-reverso.png 0,50-cruzeiro-1944-anverso.png ₢0.50 1942–1947
1 Cruzeiro (BRZ) de 1944.png 1 Cruzeiro (BRZ) de 1944 (verso).png ₢1.00 1942-1956 Portrays a relief map of Brazil
2-cruzeiros-1945-reverso.png 2-cruzeiros-1945-anverso.png ₢2.00
5-cruzeiros-1943-reverso.png 5-cruzeiros-1943-anverso.png ₢5.00 1942–1943
0,10-cruzeiro-1951-reverso.png 0,10-cruzeiro-1951-anverso.png ₢0.10 1947–1955 Portrays José Bonifácio
20 Centavos de Cruzeiro BRZ de 1953.png 20 Centavos de Cruzeiro BRZ de 1953 (verso).png ₢0.20 1948–1956 Portrays Ruy Barbosa
50 Centavos de Cruzeiro BRZ de 1955.png 50 Centavos de Cruzeiro BRZ de 1955 (verso).png ₢0.50 1948–1956 Portrays Eurico Gaspar Dutra
50 Centavos de Cruzeiro BRZ de 1956.png 50 Centavos de Cruzeiro BRZ de 1956 (verso).png ₢0.50 1956 Portrays the coat of arms of Brazil
1 Cruzeiro (BRZ) de 1956.png 1 Cruzeiro (BRZ) de 1956 (verso).png ₢1.00
2-cruzeiros-1956-reverso.png 2-cruzeiros-1956-anverso.png ₢2.00
0,10-cruzeiro-1957-reverso.png 0,10-cruzeiro-1957-anverso.png ₢0.10 1956–1961
0,20-cruzeiro-1958-reverso.png 0,20-cruzeiro-1958-anverso.png ₢0.20
0,50-cruzeiro-1959-reverso.png 0,50-cruzeiro-1959-anverso.png ₢0.50 1957–1961
1-cruzeiro-1957-reverso.png 1-cruzeiro-1957-anverso.png ₢1.00
2 Cruzeiros (BRZ) de 1961.png 2 Cruzeiros (BRZ) de 1961 (verso).png ₢2.00
10-cruzeiros-1965-reverso.png 10-cruzeiros-1965-anverso.png ₢10.00 1965 Portrays a relief map of Brazil
20-cruzeiros-1965-reverso.png 20-cruzeiros-1965-anverso.png ₢20.00
50 Cruzeiros (BRZ) - 1965.png 50 Cruzeiros (BRZ) - 1965 -verso-.png ₢50.00 Portrays the effigy of the Republic

Banknotes[edit]

The first banknotes were overprints on earlier mil réis notes, with denominations of ₢5, ₢10, ₢20, ₢50, ₢100, ₢200 and ₢500. Regular issues of banknotes began in 1943 with the addition of ₢1000 notes. ₢1 and ₢2 notes were introduced in 1944, followed by ₢5000 in 1963 and ₢10,000 in 1966. The ₢1 and ₢2 were not produced after 1958.

Brazilian cruzeiro
Preceded by:
Real
Reason: introduction of a currency with a subunit equal to 1100 of the primary currency instead of 11000
Ratio: 1 cruzeiro = 1 mil réis = 1000 réis
Currency of Brazil
1 November 1942 – 12 February 1967
Succeeded by:
Cruzeiro novo
Reason: inflation
Ratio: 1 cruzeiro novo = 1000 cruzeiros

Second Cruzeiro (Cruzeiro Novo), 1970–1986[edit]

In 1967, Brazil introduced the cruzeiro novo (the word "novo", "new" in Portuguese, only appearing on the provisional issue of banknotes), with 1 cruzeiro novo equal to 1000 "old" cruzeiros. It had the ISO 4217 code BRB. In 1986, the country switched to the cruzado, worth 1000 cruzeiros (novos). In 1979, following the Second Oil Crisis, the government decided to devalue the cruzeiro, a policy known as "maxidesvalorização". The cruzeiro lost 30% of its value.[3]

Coins[edit]

Coins were introduced in 1967 in denominations of 1, 2, 5, 10, 20 and 50 centavos, followed by 1 cruzeiro in 1970. The 1, 2 and 5 centavos were struck in stainless steel, with the higher denominations struck in cupro-nickel or nickel, replaced by stainless steel in 1974 and 1975 except for the 1 cruzeiro. Between 1979 and 1981, stainless-steel 1, 5, 10, 20 and 50 cruzeiros were introduced, followed by smaller, stainless-steel 100, 200 and 500 cruzeiros in 1985.

First series[edit]

Most of the first series of the Cruzeiro Novo were very similar in design, portraying the effigy of the Republic on the obverse.

First series of standard circulating coins of the Cruzeiro Novo (1967–1986)
Reverse Obverse Value Minting period Obverse description
0,01-cruzeiro-novo-1967-reverso.png 0,01-cruzeiro-novo-1967-anverso.png NCr$0.01 1967–1975 Portrays the effigy of the Republic
0,02-cruzeiro-novo-1967-reverso.png 0,02-cruzeiro-novo-1967-anverso.png NCr$0.02
0,05-cruzeiro-novo-1969-reverso.png 0,05-cruzeiro-novo-1969-anverso.png NCr$0.05
10 centavos Brazilian cruzeiro (1974) reverse.JPG 10 centavos Brazilian cruzeiro (1974) front.JPG NCr$0.10 1967–1970,
1974–1979
0,20-cruzeiro-novo-1977-reverso.png 0,20-cruzeiro-novo-1977-anverso.png NCr$0.20 1967–1970,
1975–1979
50 centavos Brazilian cruzeiro (1970) reverse.JPG 50 centavos Brazilian cruzeiro (1970) front.JPG NCr$0.50 1967,
1970–1979
1-cruzeiro-novo-1976-reverso.png 1-cruzeiro-novo-1976-anverso.png NCr$1.00 1967–1970,
1974–1978

The series also had a few circulating commemorative coins.

First series of circulating commemorative coins of the Cruzeiro Novo (1967–1986)
Reverse Obverse Value Minting period Description
0,01-cruzeiro-novo-1975-fao-reverso.png 0,01-cruzeiro-novo-1975-fao-anverso.png NCr$0.01 1975–1978 Celebrates the Food and Agriculture Organization
0,02-cruzeiro-novo-1975-fao-reverso.png 0,02-cruzeiro-novo-1975-fao-anverso.png NCr$0.02
0,05-cruzeiro-novo-1975-fao-reverso.png 0,05-cruzeiro-novo-1975-fao-anverso.png NCr$0.05
1-cruzeiro-novo-1972-independencia-reverso.png 1-cruzeiro-novo-1972-independencia-anverso.png NCr$1.00 1972 Commemorates the 150th Anniversary of the Independence of Brazil (1822–1972)

Non-circulating commemorative coins were also minted.

First series of non-circulating commemorative coins of the Cruzeiro Novo (1967–1986)
Reverse Obverse Value Minting period Description
(missing photo) (missing photo) NCr$10.00 1975 Commemorates the 10th anniversary of the Central Bank of Brazil (1964–1974)
(missing photo) (missing photo) NCr$20.00 1972 Commemorates the 150th anniversary of the Independence of Brazil (1822–1972)
(missing photo) (missing photo) NCr$300.00
Second series[edit]

Due to inflation and currency devaluation, the Cruzeiro Novo gradually shifted towards higher and integer denominations. The second series reflected this, with common circulation coins of NCr$20 and NCr$50. Curiously, a NCr$0.01 (1 centavo) coin continued to be produced until 1983, even though it had little to no value at the time. In contrast, the 10 and 50 centavos coins had proof mintings, but were never released to the public; the second lowest denomination was the NCr$1 coin.

Second series of standard circulating coins of the Cruzeiro Novo (1967–1986)
Reverse Obverse Value Minting period Obverse description
0,01-cruzeiro-novo-1981-reverso.png 0,01-cruzeiro-novo-1981-anverso.png NCr$0.01 1979–1983 Portrays soybeans
Unreleased Unreleased NCr$0.10 N/A Portrays a pair of fish
Unreleased Unreleased NCr$0.50 N/A Portrays an ox
1-cruzeiro-novo-1980-reverso.png 1-cruzeiro-novo-1980-anverso.png NCr$1.00 1979–1984 Portrays sugarcanes
5-cruzeiros-novos-1983-reverso.png 5-cruzeiros-novos-1983-anverso.png NCr$5.00 1980–1984 Portrays a coffee plant
10-cruzeiros-novos-1985-reverso.png 10-cruzeiros-novos-1985-anverso.png NCr$10.00 1980–1984 Portrays a map of Brazil's main roads
20-cruzeiros-novos-1984-reverso.png 20-cruzeiros-novos-1984-anverso.png NCr$20.00 1981–1986 Portrays the Church of São Francisco de Assis in Ouro Preto
50 Cruzeiros BRB de 1985.png 50 Cruzeiros BRB de 1985 (verso).png NCr$50.00 1981–1986 Portrays the Plano Piloto, a map of Brasília

The second series also featured commemorative coins celebrating the Food and Agriculture Organization.

Second series of circulating commemorative coins of the Cruzeiro Novo (1967–1986)
Reverse Obverse Value Minting period Description
1-cruzeiro-novo-1985-fao-reverso.png 1-cruzeiro-novo-1985-fao-anverso.png NCr$1.00 1985 Celebrates the Food and Agriculture Organization
5-cruzeiros-novos-1985-fao-reverso.png 5-cruzeiros-novos-1985-fao-anverso.png NCr$5.00
Third series[edit]

Similarly to the increase in value from each coin of the first series to the second series, the third series featured very high denominations of the Cruzeiro Novo.

Third series of standard circulating coins of the Cruzeiro Novo (1967–1986)
Reverse Obverse Value Minting period Obverse description
100-cruzeiros-novos-1985-reverso.png 100-cruzeiros-novos-1985-anverso.png NCr$100.00 1985–1986 Portrays the coat of arms of Brazil
200-cruzeiros-novos-1985-reverso.png 200-cruzeiros-novos-1985-anverso.png NCr$200.00
500-cruzeiros-novos-1986-reverso.png 500-cruzeiros-novos-1986-anverso.png NCr$500.00

Banknotes[edit]

In 1967, provisional issues were made consisting of "old" cruzeiro notes which were overstamped with the values 1, 5, 10 and 50 centavos, and 1, 5 and 10 cruzeiros novos. These notes were withdrawn between 1972 and 1975. In 1970, regular issues of notes were introduced in denominations of 1, 5, 10, 50 and 100 cruzeiros. 500 cruzeiro notes were introduced in 1972, followed by 1000 cruzeiros in 1978. In 1981, a new series of banknotes was issued in values of 100, 200, 500, 1000 and 5000 cruzeiros. Banknotes up to 50 cruzeiros of the previous series were replaced by coins by 1984 and 10,000 and 50,000 cruzeiro banknotes were introduced, followed by 100,000 cruzeiros in 1985, by which time notes up to 500 cruzeiros had been replaced by coins.

Official exchange rates
(end of period)
Cruzeiros per U.S. dollar
Date Rate Date Rate
1970 4.86 1980 64.21
1971 5.63 1981 125.42
1972 6.18 1982 244.86
1973 6.22 1983 940
1974 7.44 1984 3008
1975 9.07 1985 9855
1976 12.35 1986
(Feb)
12,985
1977 15.80
1978 20.47
1979 42.53
Brazilian cruzeiro (novo)
Preceded by:
Cruzeiro
Reason: inflation
Ratio: 1 cruzeiro novo = 1000 cruzeiros
Currency of Brazil
13 February 1967 – 27 February 1986
Note: known as the cruzeiro novo until 15 May 1970
Succeeded by:
Cruzado
Reason: inflation
Ratio: 1 cruzado = 1000 cruzeiros

Third Cruzeiro, 1990–1993[edit]

In 1990, Brazil switched back to using the name cruzeiro for its currency. The cruzeiro replaced the cruzado novo at par. It had the ISO 4217 code BRE. This third cruzeiro was used until 1993, when it was replaced by the cruzeiro real at a rate of 1 cruzeiro real = 1000 cruzeiros.

Coins[edit]

The 1, 5, 10 and 50 centavo coins issued in 1989 for use with the previous currency continued in use after the introduction of the cruzeiro. In 1990, stainless-steel 1, 5, 10 and 50 cruzeiro coins were introduced, followed by smaller 100, 500, 1000 and 5000 cruzeiros in 1992.

Standard circulating coins of the Cruzeiro (1990–1993)
Reverse Obverse Value Minting period Obverse description
BRE 1 - Reverso.JPG BRE 1 - Anverso.JPG Cr$1 1990 Portrays a section of the rhombus from the flag of Brazil
5 Cruzeiros BRE de 1990.png 5 Cruzeiros BRE de 1990 (verso).png Cr$5 1990–1992 Portrays a salt evaporation pond worker
BRE 10 - Anverso.JPG BRE 10 - Reverso.JPG Cr$10 Portrays a rubber tapper and a factory plant
50-cruzeiros-1991-reverso.png 50-cruzeiros-1991-anverso.png Cr$50 Portrays a woman selling goods in a street market
100 Cruzeiros BRE de 1992.png 100 Cruzeiros BRE de 1992 (verso).png Cr$100 1992–1993 Portrays a manatee, and its Portuguese name in the lettering "Peixe-boi"
500-cruzeiros-1992-reverso.png 500-cruzeiros-1992-anverso.png Cr$500 Portrays a sea turtle, and its Portuguese name in the lettering "Tartaruga Marinha"
1000 Cruzeiros BRE de 1993.png 1000 Cruzeiros BRE de 1993 (verso).png Cr$1000 Portrays angelfish, and their Portuguese name in the lettering "Acará"

The Third Cruzeiro only had one circulating commemorative coin, celebrating the 200th anniversary of Tiradentes's death (1792–1992).

Circulating commemorative coins of the Cruzeiro (1990–1993)
Reverse Obverse Value Minting period Description
5000-cruzeiros-tiradentes-1992-reverso.png 5000-cruzeiros-tiradentes-1992-anverso.png Cr$5000 1992 Portrays the bust of Tiradentes, and the lettering "Liberdade" (Liberty), "Cidadania" (Citizenship) and "Tiradentes"

Additionally, the Third Cruzeiro also had two distinct non-circulating silver commemorative coins.

Non-circulating commemorative coins of the Cruzeiro (1990–1993)
Reverse Obverse Value Minting period Description
(missing photo) (missing photo) Cr$500 1991 Commemorates the 500th anniversary (1492–1992) of the discovery of the Americas by the Europeans
(missing photo) (missing photo) Cr$2000 1992 Commemorates the UN Conference on Environment and Development, held in Rio de Janeiro in 1992

Banknotes[edit]

The first banknotes were overprints on cruzado novo notes, in denominations of 50, 100, 200 and 500 cruzeiros. In 1990, regular notes in values of 100, 200, 500, 1000 and 5000 cruzeiros were introduced, followed by 10,000 and 50,000 cruzeiros in 1991, 100,000 cruzeiros in 1992 and 500,000 cruzeiros in 1993. In 1992, the 50 and 100 cruzeiro banknotes were withdrawn and the higher denominations were withdrawn in 1994.

Brazilian cruzeiro
Preceded by:
Cruzado novo
Reason: currency renaming
Ratio: at par
Currency of Brazil
16 March 1990 – 31 July 1993
Succeeded by:
Cruzeiro real
Reason: inflation
Ratio: 1 cruzeiro real = 1000 cruzeiros

References[edit]

  1. ^ Faber, M., "História do Dinheiro no Brasil" (in Portuguese)
  2. ^ Southern Cross is used in a number of Brazilian states' flags, was part of companies' logotypes (like former Sudameris bank or flight company Cruzeiro do Sul) and also gave the name of Cruzeiro Esporte Clube, one of the main Brazilian soccer teams.
  3. ^ MACARINI, José Pedro.Crise e Política Econômica: o Governo Figueiredo (1979-1984). Texto para Discussão. IE/UNICAMP,n. 144, junho 2008
  • Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
  • Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links[edit]