Thefirst cruzeiro from 1942 to 1967, at 1 cruzeiro = 1milréis or 1,000réis.
Thecruzeiro novo from 1967 to 1970, at 1 cruzeiro novo = 1,000 first cruzeiros. From 1970 it was simply called the(second) cruzeiro and was used until 1986.
Thecruzado from 1986 to 1989, at 1 cruzado = 1,000 second cruzeiros.
Thecruzado novo from 1989 to 1990, at 1 cruzado novo = 1,000 cruzados. From 1990, because of thePlano Collor it was renamed the(third) cruzeiro and was used until 1993.
Thecruzeiro real (CR$) from 1993 to 1994, at 1 cruzeiro real = 1,000 third cruzeiros.
The current real was introduced in 1994 at 1 real = 2,750cruzeiros reais.
The modern real (Portuguese pluralreais or English pluralreals) was introduced on 1 July 1994, during the presidency ofItamar Franco, whenRubens Ricupero was the Minister of Finance as part of a broader plan to stabilize theBrazilian economy, known as thePlano Real. The new currency replaced the short-livedcruzeiro real (CR$). The reform included thedemonetisation of the cruzeiro real and required a massive banknote replacement.
At its introduction, the real was defined to be equal to 1unidade real de valor (URV, "real value unit") a non-circulating currency unit. At the same time, the URV was defined to be worth 2,750 cruzeiros reais, which was the average exchange rate of theU.S. dollar to the cruzeiro real on that day. As a consequence, the real was worth exactly one U.S. dollar when it was introduced; as of June 2024, that was equivalent to R$8,08 corrected for inflation.[2] Combined with all previous currency changes in the country's history, this reform made the new real equal to 2.75 × 1018 (2.75quintillion) of Brazil's originalréis.
Soon after its introduction, the real unexpectedly gained value against the U.S. dollar, due to large capital inflows in late 1994 and 1995. During that period it attained its maximum dollar value ever, aboutUS$1.20=R$1. Between 1996 and 1998 the exchange rate was tightly controlled by theCentral Bank of Brazil, so that the real depreciated slowly and smoothly to the dollar, dropping from nearUS$1=R$1 to aboutUS$1=R$1.2 by the end of 1998. In January 1999 the deterioration of the international markets, disrupted by theRussian default, forced the Central Bank, under its new presidentArminio Fraga, to float the exchange rate. This decision produced a major devaluation, to a rate of almostUS$1=R$2.[3]
In the following years, the currency's value against the dollar followed an erratic but mostly downward path from 1999 until late 2002, when the prospect of the election of leftist candidateLuiz Inácio Lula da Silva, considered a radical populist by sectors of the financial markets, prompted another currency crisis and a spike ininflation. Many Brazilians feared another default on government debts or a resumption ofheterodox economic policies and rushed to exchange their reais into tangible assets or foreign currencies.
The crisis subsided once Lula took office, after he, his finance ministerAntonio Palocci, and Arminio Fraga reaffirmed their intention to continue the orthodox macroeconomic policies of his predecessor (including inflation-targeting, primary fiscal surplus andfloating exchange rate, as well as continued payments of the public debt). The value of the real in dollars continued to fluctuate but generally upwards, so that by 2005 the exchange was a little overUS$1=R$2. In May 2007, for the first time since 2001 (six years), the real became worth more thanUS$0.50 — even though the Central Bank, concerned about its effect on the Brazilian economy, had tried to keep it below that symbolic threshold. Lula started his government in 01/01/2003 with an exchange rate ofUS$1=R$3.52 and finished it in 12/31/2010 with an exchange rate ofUS$1=R$1.66.[4]
The exchange rate as of September 2015 wasUS$1=R$4.05. After a period of gradual recovery, it reachedUS$1=R$3 by February 2017.
Jair Bolsonaro's tenure, initially welcomed with enthusiasm by the financial markets, started withUS$1=R$3.86. Fueled by meager results of the economy, quick disenchantment followed, resulting in a lack of foreign investments and a real's strong depreciation.[5] On 13 May 2020, during theCOVID-19 pandemic, which deeply affected Brazil,[6] the real reached a historical low against the US dollar, being negotiated atUS$1=R$5.90.[7]
FollowingLula's reelection in the2022 general elections, the market, which was expected to have reacted poorly, turned out favorable in the first week.[8][9] The US dollar exchange hit its lowest point since 29 August 2022, dropping from roughlyUS$1=R$5.30 immediately before the second round of the election, to aboutUS$1=R$5.05 a week after Lula's win. However, two years into Lula's government, at 29 November 2024, the US dollar exchange hit its highest point in history of US$1=R$6.10.[10]
Along with the first series of currency, coins were introduced in denominations of 1, 5, 10 and 50 centavos and 1 real on 30 June 1994; the 25 centavos piece was soon followed on 30 September 1994 due to the constant lack of change in intermediate values in the centavos range, which caused the validity of the old Cruzeiro and Cruzeiro Real banknotes to be extended for two months beyond what was initially intended for the exchange of banknotes and coins until then in circulation for new ones in the pattern that began to circulate in the second half of 1994. All were struck instainless steel.
The coins issued in 1994 are identical in size and weight to the oldercruzeiro real coins, save for the 1-centavo piece which corresponded to the even older 1000-cruzeiro coin, as no CR$1 coin was made. This influenced the replacement of this family with a newer one in 1998.
Circulating commemorative coins of the Brazilian real's first series
Image
Value
Details
10 centavos
Release date: 31 May 1995 Occasion: The 50th anniversary of theFood and Agriculture Organization (FAO) Units produced: 1 million for each design Reverse: The 10 centavos coin depicts hands offering a plant shoot with folious ramifications, and the 25 centavos coin depicts crop cultivation. Both coins contain the inscriptions "FAO—1945/1995" and "alimentos para todos" (food for all).[13][14]
25 centavos
The 1995 R$20 non-circulating commemorative coin celebratingBrazil's 4thFIFA World Cup win the year prior.
Additionally, non-circulating commemorative coins have also been minted, with non-standard face values – namely R$2, R$3, R$4 and R$20 coins.[15] Although worth more than their face value to collectors, they are neverthelesslegal tender.[16]
Non-circulating commemorative coins of the Brazilian real's first series
Value
Details
2 reais
Release date: 4 October 1994 Occasion: 300th anniversary of theBrazilian mint (1694–1994) Units produced: 7 thousand
4 reais
Release date: 23 December 1994 Occasion: CommemoratingBrazil's 4thFIFA World Cup win Units produced: 9 thousand
20 reais
Release date: 10 February 1995 Occasion: CommemoratingBrazil's 4thFIFA World Cup win Units produced: 2 thousand
3 reais
Release date: 31 March 1995 Occasion: 30th anniversary of theCentral Bank of Brazil (1965–1995) Units produced: 5 thousand
2 reais
Release date: 4 December 1995 Occasion: Tribute toFormula One racing driverAyrton Senna (1960–1994) Units produced: 10 thousand
20 reais
Release date: 4 December 1995 Occasion: Tribute toFormula One racing driverAyrton Senna (1960–1994) Units produced: 5 thousand
3 reais
Release date: 24 October 1997 Occasion: 100th anniversary of the city ofBelo Horizonte, capital of the state ofMinas Gerais Units produced: 20 thousand
Separated parts of the second series, post-2002 R$1 coin
In 1998, a second series of coins was introduced. It featured copper-plated steel coins of 1 and 5 centavos, bronze-plated steel 10 and 25 centavos,cupronickel 50 centavos coin, and abimetallic nickel-brass and cupronickel coin of 1 real. In 2002 cupronickel was replaced with stainless steel for the 50-centavo coin and the central part of the 1-real coin, and the nickel-brass ring was changed to a bronze-plated steel one.[12][17]
In November 2005, the Central Bankdiscontinued the production of the 1 centavo coins, but the existing ones continue to be legal tender. Retailers now generally round their prices to the next 5 or 10 centavos.[citation needed]
Second series
Image
Value
Design
1 centavo (no longer produced)
Obverse: TheSouthern Cross in right upper side. Reverse: DepictsPedro Álvares Cabral, Portuguese sea captain and Brazil's colonizer, with a 16th-century Portuguese ship in the background.
Obverse: TheSouthern Cross in right upper side. Reverse: DepictsEmperor Pedro I, Brazil's first monarch. In the background, the Emperor on a horse: a scene alluding to the proclamation of independence.
Obverse: TheSouthern Cross in right upper side. Reverse: DepictsJosé Paranhos, Jr., the Baron of Rio Branco, the country's most distinguished Minister of Foreign Affairs. In the background, image of the country with ripples expanding outwards, representing the development of Brazil's foreign policy and the expansion and demarcation of the national borders.
1 real
Obverse: TheSouthern Cross in right upper side. Reverse: Outer ring depicts a sample of themarajoara art pattern. In the inner ring, theEfígie da República, symbol of the Republic.
In November 2019, the Central Bank had theRoyal Dutch Mint produce 5 centavos and 50 centavos coins, which have a distinctiveletter "A" to indicate they weren't minted by Casa da Moeda.[18]
On occasion, theCentral Bank of Brazil has issued special commemorative versions of some of the standard coins. These commemorative coins are legal tender, and usually differ from the standard design only on their reverse side.
Until 2009, there were three circulating commemorative coin designs, from 1998, 2002 and 2005:
Circulating commemorative coins of the Brazilian real's second series (1998–2009)
Image
Value
Details
1 real
Release date: 10 December 1998 Occasion: The 50th anniversary of theUniversal Declaration of Human Rights Units produced: 600 thousand Reverse: The officiallogo of the commemorations; inbas-relief, ahuman figure. In the outer ring, the inscriptions "Declaração Universal dos Direitos Humanos" (Universal Declaration of Human Rights) and "Cinqüentenário" (50th anniversary).[19]
1 real
Release date: 12 September 2002 Occasion: The 100th birth anniversary of Brazilian former presidentJuscelino Kubitschek Units produced: 50 million Reverse: A face portrait of Kubitschek. Vertically, the inscription "Centenário Juscelino Kubitschek" (Juscelino Kubitschek's centenary). In the outer ring, images alluding to the columns of theAlvorada Palace, the presidential residence inBrasília, the city that he decided would be built.[20]
1 real
Release date: 23 September 2005 Occasion: The 40th anniversary of the foundation of theCentral Bank of Brazil Units produced: 40 million Reverse: Image of thetrademark Central Bank building, inspired in the official logo developed for the commemorations. In the outer ring, the inscriptions "Banco Central do Brasil" (Central Bank of Brazil) and "1965 40 anos 2005" (1965 40 years 2005).[21]
Between 2010 and 2019, many circulating commemorative coins were issued, celebrating the Rio2016 Summer Olympics. The 50th anniversary of the Central Bank and the 25th anniversary of the Real were also commemorated:
Circulating commemorative coins of the Brazilian real's second series (2010–2019)
Image
Value
Details
1 real
Release date: 13 August 2012 Occasion: The Olympic Flag Handover for the Rio2016 Summer Olympics Units produced: 2 million Reverse: TheOlympic Flag in a pole above the official logo of the Games of the XXXI Olympiad. In the outer ring, the inscriptions "Entrega da Bandeira Olímpica" (Olympic Flag Handover) and "Londres 2012—Rio 2016" (London 2012—Rio 2016)[22]
Release date: 30 March 2015 Occasion: The 50th anniversary of the foundation of the Central Bank of Brazil Units produced: 50 million Reverse: The Central Bank building, its logo, and the inscription "50 anos" (50 years).[22]
1 real
Release date: 28 August 2019 Occasion: The 25th anniversary of the creation of thePlano Real (1994–2019) Units produced: 25 million Reverse: A hummingbird feeding its chicks, based on the image of the 1 real banknote.
There were no circulating commemorative coins for the 200th anniversary of theIndependence of Brazil, in 2022. Instead, the first circulating commemorative coin after theCOVID-19 pandemic in Brazil was released in 2024, for the 30th anniversary of the Real:
Circulating commemorative coins of the Brazilian real's second series (2020–2029)
Image
Value
Details
1 real
Release date: 24 September 2024 Occasion: The 30th anniversary of the creation of thePlano Real (1994–2024) Units produced: 45 million[23] Reverse: In the outer ring, the texts "30 years of the Real" and "1994 · 2024". In the inner ring, theEfígie da República, symbol of the Republic, alongside the symbol "R$".
Similarly to the first series, non-circulating commemorative coins have also been minted, with the following non-standard face values: R$2, R$5, R$10 and R$20 coins.[15] Likewise, even if they are worth more than their face value to collectors, they are neverthelesslegal tender.[16]
There were 18 types of non-circulating commemorative coins released from 2000 through 2009:
Non-circulating commemorative coins of the Brazilian real's second series (2000–2009)
Value
Details
5 reais
Release date: 27 October 2000 Occasion: 500th anniversary of Brazil's discovery by the Portuguese (1500–2000) Units produced: 15.286
20 reais
Release date: 27 October 2000 Occasion: 500th anniversary of Brazil's discovery by the Portuguese (1500–2000) Units produced: 6.558
2 reais
Release date: 12 September 2002 Occasion: 100th anniversary of the birth ofJuscelino Kubitschek (1902–2002) Units produced: 11.414
20 reais
Release date: 12 September 2002 Occasion: 100th anniversary of the birth ofJuscelino Kubitschek (1902–2002) Units produced: 2.499
2 reais
Release date: 12 December 2002 Occasion: 100th anniversary of the birth ofCarlos Drummond de Andrade (1902–2002) Units produced: 6.959
20 reais
Release date: 12 December 2002 Occasion: 100th anniversary of the birth ofCarlos Drummond de Andrade (1902–2002) Units produced: 2.499
5 reais
Release date: 20 December 2002 Occasion: CommemoratingBrazil's 5thFIFA World Cup win Units produced: 9.999
20 reais
Release date: 20 December 2002 Occasion: CommemoratingBrazil's 5thFIFA World Cup win Units produced: 2.499
2 reais
Release date: 2 August 2003 Occasion: 100th anniversary of the birth ofAry Barroso (1903–2003) Units produced: 4.958
20 reais
Release date: 2 August 2003 Occasion: 100th anniversary of the birth ofAry Barroso (1903–2003) Units produced: 2.481
2 reais
Release date: 18 December 2003 Occasion: 100th anniversary of the birth ofCandido Portinari (1903–2003) Units produced: 2 thousand
2 reais
Release date: 30 January 2004 Occasion: 100th anniversary ofFIFA (1904–2004) Units produced: 12.166
20 reais
Release date: 30 January 2004 Occasion: 100th anniversary ofFIFA (1904–2004) Units produced: 4.060
2 reais
Release date: 23 October 2006 Occasion: 100th anniversary of theSantos-Dumont 14-bis' famous flight (1906–2006) Units produced: 4 thousand
Release date: 18 June 2008 Occasion: 100th anniversary of the firstJapanese immigration to Brazil (via theKasato Maru ship) (1908–2008) Units produced: 10 thousand
From 2010 through 2019, 15 types of non-circulating commemorative coins were released:
Non-circulating commemorative coins of the Brazilian real's second series (2010–2019)
Value
Details
5 reais
Release date: 21 April 2010 Occasion: 50th anniversary of the foundation ofBrasília, capital of Brazil (1960–2010) Units produced: 6 thousand
5 reais
Release date: 21 May 2010 Occasion: Commemorating the2010 FIFA World Cup Units produced: 9 thousand
5 reais
Release date: 1 July 2011 Occasion: 100th anniversary ofOuro Preto, former capital ofMinas Gerais (1711–2011) Units produced: 2 thousand
5 reais
Release date: 13 August 2012 Occasion: The Olympic Flag Handover for the Rio2016 Summer Olympics Units produced: 14.127
5 reais
Release date: 29 October 2012 Occasion: Commemorating theUnited Nations's International Year of Cooperatives (2012) Units produced: 5 thousand
5 reais
Release date: 15 November 2012 Occasion: Commemorating the city ofGoiás, former capital of the state ofGoiás Units produced: 3 thousand
5 reais
Release date: 6 December 2013 Occasion: Commemorating the city ofDiamantina,Minas Gerais Units produced: 3 thousand
10 reais
Release date: 29 January 2014 Occasion: Commemorating the2014 FIFA World Cup, which took place inBrazil Units produced: 5 thousand
5 reais
Release date: 29 January 2014 Occasion: Commemorating the2014 FIFA World Cup, which took place inBrazil Units produced (2 versions): 17.819 (mascot); 19.038 (globe)
2 reais
Release date: 29 January 2014 Occasion: Commemorating the2014 FIFA World Cup, which took place inBrazil Units produced (6 versions): 19.959 (goalkeeper); 19.929 (chest); 19.723 (heading); 19.802 (pass); 19.952 (dribble); 19.993 (goal)
Release date: 28 November 2014; 17 April 2015; 7 August 2015; 19 February 2016 Occasion: Commemorating the2016 Summer Olympics, which took place inRio de Janeiro Units produced (4 versions): 18.700 + 17.500 + 18 thousand + 13.850 (rowing); 18.700 + 17.500 + 17 thousand + 13.900 (cycling); 18.700 + 17.500 + 17 thousand + 13.300 (athletics); 18.700 + 17.500 + 17.759 + 13.750 (beach volleyball)
5 reais
Release date: 5 December 2014 Occasion: Commemorating the city ofSão Luís, capital ofMaranhão Units produced: 3 thousand
5 reais
Release date: 3 December 2015 Occasion: Commemorating the city ofSalvador, capital ofBahia Units produced: 3 thousand
5 reais
Release date: 25 November 2016 Occasion: Commemorating the city ofOlinda, a city inPernambuco Units produced: 3 thousand
Since 2020, 3 types of non-circulating commemorative coins were released:
Non-circulating commemorative coins of the Brazilian real's second series (2020–2029)
Value
Details
2 reais
Release date: 26 July 2022 Occasion: 200th anniversary of theIndependence of Brazil (1822–2022) Units produced: 40.000(as of 10 June 2024; 40.000 authorized)
5 reais
Release date: 26 July 2022 Occasion: 200th anniversary of theIndependence of Brazil (1822–2022) Units produced: 15.013(as of 10 June 2024; 20.000 authorized)
Balsemão's trial strike, nicknamed the "RealBromélia" or "Real Balsemão"
In 2011, a collector named Pedro Pinto Balsemão claimed to have found a trial strike of the R$1, with a never before seen design, completely different from circulating 1 real coins.[24] Despite the initial skepticism, it was later supposedly confirmed viaFOIA [pt] requests and interviews thatCasa da Moeda do Brasil had minted trial strikes of the R$1 coin prior to the currency design change in 1998, with custom designs that were purposefully different to the final product as to avoid leaks.[25][26]
In May 2021, however, Bentes Group published an explanation as to why the "Real Bromélia" was not included in their Brazilian coins catalog. They claim to have done extensive research into the piece, and to have concluded that it is not a trial strike or test coin, but instead a sort ofvending machine token with nonumismatic value.[27]
In 1994, banknotes print "A" were issued by Casa da Moeda do Brasil in the amounts of 1, 5, 10, 50 and 100 reais, in addition to supplementary issues of banknotes ordered abroad in the values of 5, 10 and 50 reais of the print "B" produced abroad by the companiesGiesecke+Devrient,Thomas de la Rue and François-Charles Oberthur Fiduciaire respectively. In 1997, modified banknotes of 1 real (print "B"), 5 and 10 reais (print "C") were launched, bearing the national flag as a watermark instead of the effigy of the republic in order to reduce the risk of such banknotes being used for counterfeiting banknotes at higher denominations.In 2000, the 10 reais commemorative banknote (print "D") was launched, and this banknote was the first polymer banknote to be issued in the country. In 2001 and 2002, the 2 and 20 reais banknotes were launched, respectively, using the sea turtle and the golden lion tamarin in the watermark and theme, and the 20 reais banknote was the first to make use of holographic elements on the Brazilian banknotes.In 2003, the print "C" of the 1 real banknote was put into circulation, which would have the name "República Federativa do Brasil" at the top in the place where the name "Banco Central do Brasil" was customarily placed, which was placed on the under the obverse of the bill, next to the wordreal. Such banknote ceased to be issued in 2005.
In April 2000, in commemoration of the 500th anniversary of the Portuguese arrival on Brazilian shores, the Brazilian Central Bank released apolymer 10 real banknote that circulated along with the other banknotes above. TheBrazilian Mint printed 250 million of these notes, which at the time accounted for about half of the 10 real banknotes in circulation.
Obverse: Image ofPedro Álvares Cabral, the colonizer ofBrazil. Reverse: Stylized version of the map of Brazil, with pictures highlighting the ethnic and cultural plurality of the country.
On 3 February 2010, theCentral Bank of Brazil announced the new series of the real banknotes which would begin to be released in April 2010. The new design added security enhancements in an attempt to reducecounterfeiting. The notes have different sizes according to their values to helpvision-impaired people. The changes were made reflecting the growth of theBrazilian economy and the need for a stronger and safer currency. The new banknotes began to enter circulation in December 2010, coexisting with the older ones.[29][30] On 29 July 2020, the Central Bank of Brazil announced the release of the 200 reais banknote.[31] It was released into circulation on 2 September 2020.[32]
Among the security features of the second series isultraviolet printing in the design, referred to as "fluorescent elements".[33] These appear and glow under ultraviolet light.
^The total sum is 200% because each currency trade is counted twice: once for the currency being bought and once for the currency being sold. The percentages above represent the proportion of all trades involving a given currency, regardless of which side of the transaction it is on.
^Balsemão, Pedro Pinto (23 March 2012)."Réplica do Real 1997" (in Brazilian Portuguese). Retrieved22 December 2020.
^Pippi, Emerson (19 December 2018)."Real Balsemão: os segredos da Bromélia" [Balsemão Real: the secrets of the Bromelia] (in Brazilian Portuguese). Retrieved22 December 2020.
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