Word: cruzeiro
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Dates: during 1942-1942
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...Brazil this week an event took place which to students of finance had the same rare value as an eclipse of the sun has to astronomers. By decree the country changed its monetary system from the complicated, 1,000-unit milreis to the streamlined, decimal-pointed cruzeiro (cross)-worth the same amount. Idea was to straighten out a currency system grown so complicated as to baffle even Brazilians. Examples...
That the new cruzeiro system would bring immediate relief seemed dubious. In effect, Brazil would get not only new money, but more money. Only gradually will the new 10, 20 and 50 centavo pieces, the new, uniform-size cruzeiro bills supplant the timeworn milreis. The new coins, copper, aluminum and zinc, minted since Oct. 12 are being released immediately, but surcharged milreis bills will for a time serve as cruzeiro bills...