|
It is said that the designation CRUZEIRO was
first mentioned in the 19th century by Joao do Rego of the National Library, as the name for the flag of the Republic of Brazil, where the stars of the Southern Cross were displayed when the Republic was declared on 15 November 1889.
In 1891, the Federal Senate, during a discussion about monetary reform as proposed by Amaro Cavalcanti, amdended and approved by Ramiro Barcelos and Americo Lobo, created the monetary unit CRUZEIRO, worth 10$000 and had a weight of 8.055 grams of gold.
s early as 18 December 1926, Decree 5108 established the Caixa de Estabilizacao amd changed the national monetary system creating the cruzeiro, using the standard of 0.200 grams of gold as did the mil-reis. Article One of the Decree stated: Brazil adopts the following monetary system: Gold, weighted in grams, minted in coins, of 900 thousandths of fine gold and 100 thousandths of alloy in proportion. Para. 1: the coins will be called cruzeiros and will be divided into hundredths. Para. 2: Fractional coins will be made of silver, nickel, and copper, in appropriate quantities.
In accordance with this legal
document, a trial proof in gold was struck in alloyed gold and gold coated
copper, apparently inspired by the American dollar. Meanwhile, Decree 5108 never
became effective and the Cruzeiro only became legal through Decree-Law 4791 of
October 1942, as an aluminum-bronze coin.
(from: NUMISMATICA, II year, No. 2. 1997)
Source: Boletim, Soc. Fil. e Numis. de Joao Pessoa, No. 58, Ano XV, 1999.
Courtesy: Jose P. de Siqueira, Jr.
|
