It was introduced as cruzeiro novo, with symbol NCr$, and remained with that denomination between 1967 and 1970 in the transition from the previous standard banknotes issued by American Bank Note Company and Thomas de la Rue to the new banknotes and coins issued mainly by Casa da Moeda do Brasil.

After the transition period for the Casa da Moeda do Brasil to be able to manufacture the new banknotes, the currency was renamed simply cruzeiro, with symbol Cr$.

[2] Until the 1960s, banknotes put into circulation in Brazil were, for the most part, made to order abroad, and eventual issues by the Casa da Moeda do Brasil were punctual, the main experiences being the issuance of banknotes in values between 1 mil-réis and 1 conto de réis for National Treasury banknotes in the early 1920s and later, 5 cruzeiros note issued in 1961, called the Indian note (nota do índio in Portuguese), which, due to its relative scarcity and very low face value, was treated as a souvenir.

On 31 March 1970, the Central Bank of Brazil announced new banknote designs, and published a resolution determining the national currency would once again be called "cruzeiro" – dropping the word "nôvo" – starting from 15 May 1970.

Finally, banknotes of 10,000, 50,000 and 100,000 Cruzeiros (then 1, 5 and 10 centavos of the Cruzado Novo) were declared worthless during the Collor Plan.

The 10, 20 and 50 centavo coins would undergo changes in the metal used and in details that would tend to have their design simplified over time, being issued until 1979.

The 1 cruzeiro coin of the first family, launched along with the banknotes of the new standard in 1970 would be issued until 1978, with reduced coinage in 1977 and 1978 due to the high cost of the metal.

In 1972, coins commemorating the 150th anniversary of Brazil's independence were issued in the values of 1, 20 and 300 cruzeiros in nickel, silver and gold respectively.

In 1975, a coin was launched to commemorate the 10th anniversary of the Central Bank of Brazil in silver worth 10 cruzeiros.

[10] The 1 and 5 cruzeiros coins were issued until 1984 without alteration and in a special FAO edition in 1985 and withdrawn with Plano Cruzado.

Due to inflation and currency devaluation, the cruzeiro gradually shifted towards higher and integer denominations.

Provisional banknotes with denominations of 10, 50 and 100 cruzeiros issued by Thomas de la Rue and denominations of 500, 1000 and 5000 cruzeiros issued by the American Bank Note Company were overstamped with the equivalent value in cruzeiros novos and remained legal tender after being officially overstamped by Central Bank of Brazil with their value in new currency, 1⁄1000 of their face value until its replacement.

In addition, banknotes of 10,000 cruzeiros, made to order abroad and which were released into circulation in 1966, were issued in most cases with the aforementioned equivalence stamp, with only a few series issued by the American Bank Note Company not being overstamped with value of 10 cruzeiros novos.

At the time the word "novo" was absent from the coins and banknotes launched, as already anticipated in Resolution 47, which would establish the new currency.

[1] To define the new graphic design of the new Cruzeiro banknotes to be issued by the Casa da Moeda do Brasil, a contest was held to choose the graphic design for the new banknotes, with the participation of several Brazilian designers, such as Alexandre Wollner, Waldir Gramado, Benedito de Araujo Ribeiro, Petrarca Amenta, Zélio Bruno da Trindade, Gustavo Goebel Wayne Rodrigues and Ludivico Martino.

The contest was won by Aloísio Magalhães, whose work presented constitutes a renewal and a substantial change in the banknotes, which would be issued in the country.