200 Pesos

Banco de México brought its printing operations fully in-house decades ago, and this note is one product of that infrastructure — the Mexico City facility handles the complete production run domestically, which is relatively unusual among major Latin American central banks. The hybrid substrate, combining paper and polymer elements, was introduced for this denomination as part of a broader effort to reduce counterfeiting losses on higher-value notes without fully committing to an all-polymer series.

The pass-through registration feature — where obverse and reverse elements align precisely to form a complete image when held to light — requires tighter manufacturing tolerances than most security features, and its presence here reflects how seriously Banxico treats counterfeiting pressure on the 200-peso denomination specifically.