The Philippine currency system became law on March 2, 1903, with an Act of Congress authorizing a Peso pegged at two for each U.S. Dollar. Authorized denominations consisted of 2, 5, and 10-Pesos, all series dated 1903. There were four special presentation sets created for the offices of the Secretary of War and the Chief of the Bureau of Insular Affairs. Of the four frames, the present example is the only known survivor in its original condition.