AskDefine | Define milreis

Extensive Definition

The mil-réis (literally one thousand réis) was effectively a unit of currency in both Portugal (until 1911) and Brazil (until 1942).
The usage of mil-réis as a word dates back to the economic crises of the XIX century, when the currency was devaluated for the first time and most prices reached the thousands.
It was replaced in 1911 by the escudo in Portugal and in 1942 by the cruzeiro in Brazil. By the time it was replaced by Cruzeiro in Brazil, one mil-réis (1$000) was worth a dozen loaves of bread.
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