Brazilian cruzeiro Totally Explained

Everything about Brazilian Cruzeiro totally explained

The cruzeiro was the currency of Brazil from 1942 to 1986 (two distinct currencies) and again between 1990 and 1993. The first cruzeiro circulated between 1942 and 1967. It had the symbol

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and the ISO 4217 code BRE. All three cruzeiros were subdivided into 100 centavos.

First Cruzeiro (Cruzeiro "antigo"), 1942-1967

The first cruzeiro was issued from 1942 to 1967. It had the ISO 4217 code BRZ. It replaced 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.

Coins

In 1942, coins were introduced in denominations of 10, 20 and 50 centavos, 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 wasn't 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 cruzeiros, and cupro-nickel 50 cruzeiros.

Banknotes

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

Second Cruzeiro (Cruzeiro Novo), 1967-1986

In 1967, Brazil introduced the cruzeiro novo ("new cruzeiro", the word novo only appearing on the first 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).

Coins

Coins were introduced in 1967 in denominations of 1, 2, 5, 10, 50 and 50 centavo, 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 in 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.

Banknotes

In 1967, cruzeiro notes were overstamped to produce the first cruzeiro novo notes. These were in denominations of 1, 5, 10 and 50 centavos, 1, 5 and 10 cruzeiros novos. In 1970, regular issues of notes were introduced in denominations of 1, 5, 10, 50 and 100 cruzeiros. 500 cruzeiros notes were introduced in 1972, followed by 1000 cruzeiros in 1978, 200 and 5000 cruzeiros in 1981, 10,000 and 50,000 in 1984 and 100,000 cruzeiros in 1985. Notes up to 50 cruzeiros were replaced by coins by 1981, followed by those up to 500 cruzeiros in 1985.

Third Cruzeiro, 1990-1993

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

The 1, 5, 10 and 50 centavos 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 cruzeiros coins were introduced, followed by smaller 100, 500 and 1000 cruzeiros in 1992.

Banknotes

The first banknotes were overprints on cruzado novo notes, in denomination of 50, 100, 200 and 500 cruzeiros. Regular notes followed in 1992, in denominations of 100, 200, 500, 1000, 5000, 10,000, 50,000 and 100,000 cruzeiros, with 500,000 cruzeiro notes added in 1993. These high denomination cruzeiro, cruzado novo and real Banknotes are all valid up to year 2025 and can be exchanged at the denomination face value of the Banknote as per the current exchange rate.

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