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| 表面の説明 | Central vignette of Queen Isabel II in bust-length portrait, wearing a crown and pearl necklace, set within an ornate wreath and surmounted by a royal crown, all framed by an elaborate engraved border of scrollwork and calligraphic flourishes. Two oval denomination cartouches reading "PsFs 200" flank the portrait at upper left and right, each with guilloche underprint, with serial number panels below. Three signature lines at lower centre identify the El Comisario Regio, El Director, and El Cajero, above a cautionary anti-counterfeiting legend at the bottom centre. |
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| 表面の銘文 | EL BANCO ESPAÑOL FILIPINO DE ISABEL 2ª á la presentacion de este billete pagará al portador DOSCIENTOS pesos fuertes. 1º de Enero de 1865 Manila 1º de Enero de 1865 El Comisario Regio El Director El Cajero El falsificador será juzgado como monedero falso Nº 001613 PsFs 200 |
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The Banco Español Filipino de Isabel II was established in 1851 as the first bank of issue in the Philippines — and indeed the first in any Spanish colony. By 1865 the bank was producing its highest-denomination notes at a time when 200 pesos represented an enormous sum relative to local wages, placing these firmly in the hands of Manila's merchant class and colonial administrators rather than ordinary circulation.
The queen for whom the bank was named had already been politically weakened in Spain by 1865 and would be deposed outright in 1868. Notes bearing her name continued in use regardless — colonial finance moved on its own timetable.