1. Historical Overview

The 400 réis coin issued in the late 1930s is part of Brazil’s Republic coinage (when the réis was still in use until the monetary reform). In 1938, versions with different designs appeared, often cataloged separately in major numismatic catalogs (KM).

2. Description and Physical Characteristics

There are two main families of 400 réis coins from the 1930s, distinguished by their physical specifications:

a) “Oswaldo Cruz” variant (cataloged as KM539 in some references)

• Obverse: bust of Oswaldo Cruz (patron of Fiocruz in some issues).
• Reverse: denomination “400 RÉIS” with decorative motifs (inspired by Marajoara art in some coins).
• Composition, weight, and diameter vary depending on the specific issue.

b) “Getúlio Vargas” / 1938–1942 series (KM547 in commercial catalogs)

• Obverse: profile of Getúlio Vargas (or designs linked to the Estado Novo).
• Reverse: large central “400,” “RÉIS” below, date (e.g., 1938), with ornamentation around.
• Metal: cupro-nickel (most cited for this series).
• Approximate weight: ~5.4 g; diameter: ~23 mm; edge: reeded/serrated (varies by catalog).

Note: Different catalogs (KM, Numista, NGC) sometimes assign different KM numbers to very similar variants, so always check the catalog used by your dealer or appraiser.

3. Mintage / Circulation

Records show large mintage numbers for the 1938 issue (KM547 series). Catalogs indicate millions of coins produced — for example, one source cites 10,620,000 coins for 1938 in this series. Earlier variants (KM539) had smaller or differently distributed mintages. High mintage explains why circulated examples are relatively common.

4. Condition and Grading (Why It Matters)

As with any 20th-century circulated coin, the condition determines most of the value:

• Circulated coins (Good, VG, F) are inexpensive and widely available.
• Coins in fine to very fine condition (VF, XF) command moderate premiums.
• Uncirculated/proof coins are rare and the most valuable. Price jumps significantly between XF and MS grades.

5. Price Range — Practical Guidance

Market prices vary depending on marketplace and country. Indicative ranges:

• Heavily worn coins (VG–F): low value, often just a few units of currency.
• Good condition (VF–XF): moderate prices — a few euros/dollars up to tens, depending on grade and variant.
• Excellent / uncirculated (AU–MS): significant value increase; verified uncirculated coins can be worth much more.

Reference guides and auction results (NGC, CGB, numismatic shops) provide detailed price tables by grade for the 1936–1938 and 1938–1942 issues.

6. How to Correctly Identify Your Coin

1. Check the obverse: Oswaldo Cruz vs. Getúlio Vargas designs are distinct.
2. Measure diameter and weight: Larger and heavier coins belong to different series (KM539 vs. KM547). Use a precision scale and caliper.
3. Examine the edge and finish: Reeded/serrated edges and minting marks help confirm authenticity.
4. Compare with reliable references: Numista, KM/Standard Catalog, and online guides (NGC) are good sources for photos and specifications.

7. Tips for Buying and Selling

• Common circulated coins: low market value — do not pay above average listed prices. Check recent sales on marketplaces (eBay, MercadoLivre) for realistic prices.
• High-grade coins: request certification (from a recognized grading service) to increase confidence and value.
• Coins with unusual appearance (patina, color differences, marks): compare with catalog images and seek expert evaluation before buying or selling.

8. Conclusion

The 1938 400 réis coin is an interesting collectible for those interested in Brazilian Republic and Estado Novo coinage. Variants exist with different designs (Oswaldo Cruz or Getúlio Vargas), mintage numbers range into the millions (making low-grade examples common), and numismatic value depends heavily on condition and specific variety. To determine an accurate value, confirm the variant (KM number), measure weight/diameter, and compare with catalogs and recent sales.