200 Pesos

The Banco Español Filipino was the only bank of issue in the Philippines throughout the Spanish colonial period, holding that monopoly from its founding in 1851 until American reorganization ended it. By 1883, the bank was operating under renewed pressure from the colonial treasury, which periodically raided its reserve holdings to cover Manila's chronic fiscal shortfalls.

A 200 Peso denomination at this date was a very large instrument — not retail currency in any practical sense, but a commercial and interbank settlement tool. Few would have been issued in any given year, and survival rates for high-denomination Philippine notes from this period are extremely low, compounded by the destruction wrought during the 1945 Battle of Manila.