200 Pesos

El Banco Español Filipino — despite the name — survived the Spanish-American War and the transfer of Philippine sovereignty to the United States in 1898, continuing to operate under American colonial administration until it was reorganized as the Bank of the Philippine Islands in 1912. This 1904 note falls squarely in that transitional window, when the bank retained its old name but operated under an entirely new sovereign framework.

Barclay & Fry of London printed the series. The 200 Peso denomination was the highest in the issue and almost certainly saw limited handling — large-denomination notes from colonial Philippine banking rarely moved outside commercial and government accounts.