Currency of Brazilian Banknotes and Coins: Cruzeiro (1970 - 1986)

Hello everybody!

I would like to report information that exists in Numista and that could be revised, based on what I will explain in the best way here.

When requesting the registration of Brazilian banknotes at Numista, I noticed that when we chose the "current currency", there are, among other periods:

…
Brazil - Cruzeiro (1942 - 1967)
Brazil - Cruzeiro Novo (1967 - 1986)

…

The first period of Cruzeiro, in fact, occurred between the years 1942 to 1967. In 1967, in accordance with Resolution No. 47 of February 8, 1967 of the Central Bank of Brazil (https://www.bcb.gov.br/pre/normativos/busca/downloadNormativo.asp?arquivo=/Lists /Normativos/Attachments/40035/Res_0047_v1_O.pdf), the Brazilian currency became the "Cruzeiro Novo", where NCr$1.00 = Cr$1000.00. During this period, only overprints were issued on Cruzeiro bills and a few coins were issued.

On the other hand, Resolution No. 144 of March 31, 1970 of the Central Bank of Brazil (https://www.bcb.gov.br/pre/normativos/busca/downloadNormativo.asp?arquivo=/Lists/Normativos/Attachments/40437/ Res_0144_v1_O.pdf), establishes that the national currency unit would once again be called "Cruzeiro", where Cr$1.00 = NCr$1.00 (direct equivalence). This period is called by some Brazilian scholars the "second cruzeiro", although this is not the official name.

The fact is that the "Cruzeiro Novo" period does not go until 1986 as registered in Numista. My suggestion, based on the documents mentioned above and on several national catalogs (Amato and Bentes, for example) is that, in Numista, the monetary units were separated, as follows:
…

Brazil - Cruzeiro (1942 - 1967)

Brazil - Cruzeiro Novo (1967 - 1970)
Brazil - Cruzeiro (1970 - 1986)

…

The "Cruzeiro" returned to be the name of our currency in 1990, after frustrated economic plans at the end of the 80's. Finally, I request appreciation and approval of my request.

Sincerely, Vladimir.

Reposting the links to the Resolutions of the Central Bank of Brazil, as the links in the original post were not accessing the documents correctly.

"Cruzeiro Novo" (1967): https://www.bcb.gov.br/pre/normativos/busca/downloadNormativo.asp?arquivo=/Lists/Normativos/Attachments/40035/Res_0047_v1_O.pdf

"Cruzeiro" (1970): https://www.bcb.gov.br/pre/normativos/busca/downloadNormativo.asp?arquivo=/Lists/Normativos/Attachments/40437/Res_0144_v1_O.pdf

Vladimir.

This is similar to the Yeni Lira of Turkey were the yeni or new was kept also for 3 years. For the UK the 'new' in New Pence was kept for 10 years. As far as I can see it, it seems to be just a name change of the same currency. It was just a transitional period like on the above mentioned instances but they are still the same currency.

So either simply call both Cruzeiro or use the one with ‘Second’ if that is an applicable option.

Idolenz

This is similar to the Yeni Lira of Turkey were the yeni or new was kept also for 3 years. For the UK the 'new' in New Pence was kept for 10 years. As far as I can see it, it seems to be just a name change of the same currency. It was just a transitional period like on the above mentioned instances but they are still the same currency.

 

So either simply call both Cruzeiro or use the one with ‘Second’ if that is an applicable option.

 

 

Hi Idolenz. Thanks for commenting!

I understood the examples you cited (British Pound and Turkish Lira), despite not being aware of specific laws that spoke of the official name of the country's currency, differentiating the "new" type as there was here in Brazil.

During the "Cruzeiro Novo" period, only six different types of circulating coins were issued (1967 and 1969 in denominations of 1, 2, 5, 10, 20 and 50 centavos) and eight overprints of banknotes used from the previous period ; while in the period from 1970 to 1986, several other types of coins and banknotes were issued.

I believe that the solution you proposed would also be possible: instead of separating the monetary units, one can simply call it "Cruzeiro" instead of "Cruzeiro Novo", due to the very short transition period.

Clarifying again, my request is due to the documentary basis of the resolutions of the Central Bank of Brazil regarding the names of monetary units.

Greetings, Vladimir.

Hi everybody!

Returning to the request and discussion about the separation of the “Cruzeiro Novo” and "Cruzeiro (1970-1986)" periods, below I will list the coins and banknotes that are, in fact, from the “Cruzeiro Novo” period. As the period of validity of this monetary unit was only about three years (1967, 1968 and 1969), we have few issuances.

Coins issued between 1967 and 1969 (Cruzeiro Novo):

1 centavo (only emissions from the years 1967 and 1969 - Bentes #704 and #705)

2 centavos (only emissions from the years 1967 and 1969 - Bentes #702 and #703)

5 centavos (only emissions from the years 1967 and 1969 - Bentes #700 and #701)

10 centavos (only emissions from the year 1967 - Bentes #699)

20 centavos (only emissions from the year 1967 - Bentes #698)

50 centavos (only emissions from the year 1967 - Bentes #697)

1 Cruzeiro Novo (only “prova” emission from 1967 - Bentes #E103)

Banknotes issued between 1967 and 1969 (Cruzeiro Novo):

In fact, during the Cruzeiro Novo period, were only overprinted with the new values ​​of the banknotes that would be used until the beginning of 1970.

1 centavo

5 centavos

10 centavos

50 centavos

1 Cruzeiro Novo

5 Cruzeiros Novos

10 Cruzeiros Novos (1st. Print)

10 Cruzeiros Novos (2nd. Print)

All other records of coins and banknotes that are as “Cruzeiro Novo” should be removed for the “Cruzeiro” period (1970 - 1986) which I request inclusion, based on the documents presented. It is important to highlight that no coin or banknote record needs to be removed or included. Only removed for periods according to cataloging and documents.

My sincere greetings, in order to help more and more to the Numista website.

Vladimir.

Hi

What is important in Numista is the currency, meaning the value.

Names change with or without New does not really matter, as soon as it is clear to users what we are talking about.

Same in  France with the New franc after 1960: we keep this name in Numista up to 2001, whereas official name was put back to Franc in 1963.

Here is a list of Brazilian Cruzeiro currencies;

https://en.wikipedia.org/wiki/Brazilian_cruzeiro .

Both ‘Cruzeiro’ & ‘Cruzado’ are actually a reference to the Southern Cross.

‘Novo’ means ‘New’ in both Brazileiro Portugues & standard Portuguese.

Aidan.

I have to strongly disagree with Compendium. Just look at how the Banco Central do Brasil lists the series of their banknotes:

Cruzeiro 01.11.1942

Cruzeiro Novo 13.02.1967

Cruzeiro 15.05.1970

Cruzado 28.02.1986

Cruzado Novo 16.01.1989

Cruzeiro 16.03.1990

Cruzeiro Real 01.08.1993

Primeira Família do Real - 01.07.1994

Segunda Família do Real

see: https://www.bcb.gov.br/cedulasemoedas/cedulasemitidas

The “Cruzeiro Novo 13.02.1967” period should end 1970 and a new Cruzeiro 1970-1986 period should be added here at numista.

Sorry, but Compenduim's reasoning for keeping "Cruzeiro Novo 1967-1986'' makes absolutely no sense to me. 

Bottom line: I fully agree with vladthiengo and I am truely shocked his request has been rejected.

Hello everybody!

Thanks for the comments and feedback from colleagues!

Everything that I could elucidate and explain about the subject I put here in the forum for the appreciation of colleagues and referees.

I understand that the name "Novo" for the Cruzeiro of the 1967-70 period may seem like a mere formality in the name of the currency that had been changed (division by a thousand, with 10 Cruzeiro being worth 0.01 Cruzeiro Novo.

But the fact is that there were specific decrees for each currency (Cruzeiro Novo and Cruzeiro). As there was no new division of values ​​for Cruzeiro from 1970 onwards, in fact it seems that there was no change.

The fact that Numista (and its admins) don't change it is fine with me. For the world's collectors, except for the specialized ones in Brazil, it wouldn't really make any difference. It would be a mere detail.

What really bothers me (at least to me) is keeping the name "Cruzeiro Novo" until 1986, since even the banknotes' denominations do not contain the name "Novo".

Again, I thank my colleagues and, who knows, this discussion may arise again in the future. =)

Best Regards, Vladimir.

Compendium

Same in  France with the New franc after 1960: we keep this name in Numista up to 2001, whereas official name was put back to Franc in 1963.

This absolutely makes no sense either. 

When the official name changed in 1963 numista should do the same. In my opinion, continuing “new franc” when the term was officially abolished in 1963 is spreading false information. Shame on numista for doing this. 

What point is numista trying to make when keeping Cruzeiro Novo (1967 - 1986) when it's totally obvious it should be Cruzeiro Novo (1967 - 1970) and Cruzeiro (1970 - 1986)?

Both the Bank Note Museum and the Banknote Book differentiate between Cruzeira Novo 1967-1970 and Cruzeiro 1970-1986 and do not lump them together. Yet, numista does and stubbornly defends this nonsense? 

I hope vladthiengo appeals the decision and common sense prevails at the end.

Hello,

The “Cruzeiro Novo (1967 - 1986)” listed on Numista is a currency unit. The currency didn't change in 1970. There was only a (minor) change of name (which is common and expected for all currencies initially named “new”; other examples were mentioned above) and new banknotes were introduced.

Here is the translation of the relevant extract of the resolution 144 linked by vladthiengo:

As of May 15, 1970, the unit of the Brazilian monetary system will be called CRUZEIRO and will have the expression Cr$ as its symbol.

The resolution doesn't mention a new unit. It just specifies that the unit is called with a new name.

Other numismatic resources may be divided by numismatic periods and differentiate the period 1967-1970 from the period 1970-1986. Numista doesn't have such concept of numismatic period.

The title of the coin or banknote on Numista should reflect whether it was called “Cruzeiro Novo” or “Cruzeiro”, but they all belong to the same currency unit.

Xavier

Hello,

 

The “Cruzeiro Novo (1967 - 1986)” listed on Numista is a currency unit. The currency didn't change in 1970. There was only a (minor) change of name (which is common and expected for all currencies initially named “new”; other examples were mentioned above) and new banknotes were introduced.

 

Here is the translation of the relevant extract of the resolution 144 linked by vladthiengo:

As of May 15, 1970, the unit of the Brazilian monetary system will be called CRUZEIRO and will have the expression Cr$ as its symbol.

The resolution doesn't mention a new unit. It just specifies that the unit is called with a new name.

 

Other numismatic resources may be divided by numismatic periods and differentiate the period 1967-1970 from the period 1970-1986. Numista doesn't have such concept of numismatic period.

 

The title of the coin or banknote on Numista should reflect whether it was called “Cruzeiro Novo” or “Cruzeiro”, but they all belong to the same currency unit.

Hi Xavier. Thanks for your feedback!

Your observations are indeed correct. In the title of the issues (notes) I put the name "Novo Cruzeiro" in the ones that bear the name stamped as such. For the others, we kept "Cruzeiro". The same was true for coins.

Thanks again for the exchange of information made here in this forum!

Best Regards, Vladimir.