Excellent replies to your question. Let an old radio engineer throw some history into the responses. The PL tone scheme, technically called Continuous Tone Coded Squelch System, CTCSS, was enacted by the Electronics Industry Association a predecessor to the TIA as a standard in about 1948. Initially tones were spaced 3.5% apart from about 100-206.5 HZ.
There were some disagreements between Motorola and GE. GE developed solid state tone modules while Motorola still used reeds. With tone modules, GE could use tones below 100 HZ without any issue. Motorola's reeds were sluggish and as big as a Snickers bar. But the tones were extended downward to 67.0 on the 3.5% spacing.
The tone, 203.5, is not on the 3.5% spacing from 199.9 I believe came from GE as a replacement for 199.9 Hz. Tones 67.0, 118.8, 179.9 and 199.9 were forbidden use by GE engineering because they were multiples of the US and international power line frequencies. AC hum on the phone line base station control circuit would false the CTCSS decoders. The non standard tone 210.7 was used by all-call hospital radio systems to avoid interference. it is indexed from 203.5 HZ not 206.5.
Tones above 206.5 were not standardized due to the pre-emphasis/de-emphasis circuits (they attenuate below 300 HZ) in a FM radio. These would attenuate the tones to an unreliable state and the user could hear the whistle.
By the way the same process was used to standardize the paging tones we call Motorola Quick Call today. GE of course developed Tone 99 as an enhancement to the standard paging standard.
In the early days of two way radio, GE and Motorola had about 40% of the market each and were fierce competitors.