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100 Pesos Olive-green back

Issuer Bank of the Philippine Islands
Year 1928
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Reference(s) P#20
Obverse description A classical allegorical female figure seated at left, rendered in fine intaglio engraving, holds a scroll and rests against a terrestrial globe; the bank title appears in ornate script across the centre field above the bearer clause and date "January 1, 1928". A circular red intaglio seal of the Bank of the Philippine Islands is positioned to the right, with the denomination "ONE HUNDRED PESOS" set within an elaborate guilloche cartouche at lower centre; corner numerals "100" appear in all four corners within a fine lathe-work border.
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Reverse description Printed entirely in olive-green, the reverse centres on a large ornate vignette of a decorative cartouche entwined with laurel branches and scroll-work, bearing the denomination inscription; the design is framed by an intricate guilloche border with corner medallions containing the numeral "100" and small eagle devices at the upper corners. The bank title arcs across the top and "PHILIPPINE ISLANDS" appears in bold serif lettering along the lower margin.
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Comments

The Bank of the Philippine Islands was a private commercial institution chartered under Spanish colonial law and retained its position as a note-issuing bank well into the American period — an unusual arrangement that persisted until the Commonwealth era forced a restructuring of Philippine currency authority. Having notes printed by the Bureau of Engraving and Printing in Washington placed the BPI's paper on equal production footing with U.S. federal currency, a point not lost on Filipino business circles who regarded BEP-produced notes as a guarantee of quality that locally printed alternatives could not match.

The "olive-green back" designation distinguishes this from earlier color variants in the series — a deliberate change, not a printing anomaly.

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