Expected to fetch up to £6,000, the 100,000 Piso note was printed in 1998 by the Central Bank of the Philippines to commemorate the Philippine revolution against Spain of 1896-8.

“This is a scarce opportunity to obtain a superb example of the largest banknote ever issued,” said Thomasina Smith, worldwide head of numismatics at Noonans.

“This very large note was issued to commemorate the 100th anniversary of Philippine independence in 1998 and bears the special serial number of 786 which is considered to be lucky and holy in Islamic countries.”

While the Philippines are predominantly Catholic, the country was introduced to monotheism in the 14th Century by Muslims, with Islam remaining the nation’s second most popular religion: this note’s serial number thus makes it even more desirable.

Larger than A4, the note was issued as legal tender. But, Smith added: “It has a face value of well over £1,000, making it somewhat difficult to spend!” 

Complete with security print strip, the note was printed at Manila’s Central Bank of the Phlippines.

The note’s artwork depicts the moment of “Sigaw ng Pugad Lawin”, or “The Cry of Pugad Lawin,” where Philippine rebels declared they would throw off the Spanish colonisers, after 331 years of rule by the Spanish Empire.

Tearing up identity documents imposed by the Spanish to tax the local population, the rebels shouted out their dedication to freedom for the Filipino people: the event has become an enduring symbol of the nation’s independence and freedom from foreign domination.

The note will go up for auction today, 28 August, as lot 582, sold with its original presentation album.