cruzeiro

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The (first) cruzeiro (Cr$ or C$) was the official currency of Brazil from 1942 to 1967. It replaced the old real (pl. réis), which had been in use since colonial times, at the rate of Rs 1$000 = Cr$1. It was in turn replaced by the cruzeiro novo, at the rate of Cr$1,000 = NCr$1. The name cruzeiro was later reused for two other currencies, which were official in 1967–1986 (initially denominated as the cruzeiro novo to avoid confusion between new and old currency) and 1990–1993. The cruzeiro was divided into 100 centavos, a convention that persisted through all subsequent Brazilian currencies, but in the first cruzeiro, values below Cr$0.10 were never issued because coins of less than Rs 100 had not been issued since 1935. The original plan, dating from the late 1920s, was to introduce a cruzeiro worth Rs 10$000 (ten mil-réis) and link it to the gold standard. However, due to the crash of 1929, the subsequent Revolution of 1930 and the worldwide abandonment of the gold standard in 1933, the plan was aborted. The redenomination eventually took place in 1942, but with the cruzeiro being worth Rs 1$000 (one mil-réis) and having no link to the gold standard.