The introduction of the cruzeiro as the national currency instead of the mil-reis is not an old idea. This happened during the Second World War during the Vargas administration. All went smoothly. Monetary reform had been thought about already during the Washington Luis administration, and the change-of-currency decree was just about to be signed. One detail remained: what abbreviation of "Cruzeiro" would be used by the businessmen?"

Financial technicians met with the Minister of the Treasury, the Director of the Treasury, the President of the Bank of Brazil and the Chief of the Mint.

After two hours of strenuous and heated discussion, it was decided that, since we were engaged in a war of great Historical consequence, nothing more fitting could be done than to pay homage to our allies - England, the united States and Russia.

It was therefore unanimously resolved that the abbreviation of the cruzeiro would consist of the initials of the three "big men" of the moment, Churchill, Roosevelt, and Stalin: CRS

The high commision of technicians went before Mr. Getulio Vargas to notify him of the results. He agreed with everything; very satisfied, but, at the moment he was going to sign the decree introducing the new currency, his pen slipped on the initials of Stalin. The abbreviation appeared and continues to appear CR$.

(Almanaques, Rio de Janeiro, 1949 from SETE, 25, 1996)

Source: Boletim, Soc. Fil. e Numis, de Joao Pessoa, No. 58, Ano XV, 1999.

Courtesy: Jose P. de Siqueira, Jr.