10 Pesos

The Tesoro de las Islas Filipinas notes of this period were issued directly by the colonial treasury rather than a bank — an arrangement that reflected both the absence of a proper chartered bank of issue in the Philippines at the time and Madrid's reluctance to grant one. The lithographic printing by J. Oppel at his Manila workshop kept production local, which was unusual for Spanish colonial currency of this period; most comparable issues from Spain's remaining overseas territories were printed in Europe.

Three signatures were required for validity: the Director General de Hacienda, the Contador General, and the Tesorero Central — a checks-and-balances structure that slowed issuance considerably. The Banco Español-Filipino would eventually absorb note-issuing functions, but treasury notes like this one circulated alongside bank paper for years.