200 Pesos

The P#109 series was part of Banco de México's broader mid-1990s redesign program, which introduced polymer notes for lower denominations while retaining cotton paper for the 200 pesos — a hierarchy that reflected both cost calculations and the expected handling conditions for higher-value notes in active commercial use.

The 200 peso denomination itself was relatively new at the time of this issue, having been reintroduced after the 1993 redenomination that replaced the old peso at 1,000:1. Inflation during the late 1980s and early 1990s had made the original 200 pesos essentially worthless; the note's reappearance at the new scale was a direct consequence of the December 1994 currency crisis, which eroded purchasing power sharply enough to make smaller denominations inadequate for everyday transactions.