0,05 Franc

Madagascar's wartime fractional notes of 1916 were a direct response to the near-total disappearance of small coinage from circulation — a problem that struck French colonial territories hard once metal was prioritized for the war effort in Europe. The Government of Madagascar and Dependencies issued these low-denomination paper fractions as an emergency substitute, technically obligations rather than banknotes in the strict sense.

At five centimes, P#28 sits at the absolute floor of the series. These fragile scraps of paper were handled constantly by people who had little alternative, and attrition was severe. Survivors in any condition are genuinely uncommon.