10 Pesos - Isabel II

The Banco Español Filipino de Isabel II was the first bank established in the Philippines, chartered by royal decree in 1851 and named in honor of the reigning Spanish queen. This 10 Pesos note belongs to the bank's inaugural series — among the earliest Western-style banknotes ever issued in Southeast Asia. The printing was done locally in Manila, not shipped from a European security printer, which was unusual for a colonial bank of this period and likely contributed to the relatively crude execution compared to contemporary colonial issues from British or Dutch territories.

The bank's charter was eventually revised following Isabel II's deposition in 1868, and the institution was renamed Banco Español Filipino — the royal honorific quietly dropped from both name and subsequent note designs.