200 Shillings

Cheserem's tenure as Central Bank Governor ran from 1993 to 2001, overlapping almost exactly with this series. His appointment came at a period of serious monetary instability — Kenya had experienced damaging inflation in the early 1990s, partly fueled by politically connected lending and the collapse of several non-bank financial institutions. The 200-shilling denomination itself was relatively new to the Kenyan lineup at this point, introduced to reduce the burden on the 100-shilling note in everyday transactions.

Thomas De La Rue printed the series throughout without a change in signature combination — Kipkulei served as Secretary to the Board, a pairing that remained fixed across all eight recorded date variants under P#38.