100 Pesos Silver certificate

The Silver Certificate series for the Philippine Islands was produced by the Bureau of Engraving and Printing in Washington under the authority of the Philippine Commission, which had been reorganizing the archipelago's currency since the Conant-designed peso system took effect in 1903. By 1916 the silver-backed structure was well established, but the 100 Peso denomination saw almost no everyday use — the value was roughly equivalent to several months' wages for most Filipino laborers, meaning surviving examples were rarely handled by ordinary people.

Pick 38 is among the scarcer high-denomination issues of the series. The silver reserve backing these certificates was held in Manila, not Washington.