0,25 Franc

Madagascar's quarter-franc notes of 1916 exist because of a coin shortage driven by wartime metal requisitions — France pulled silver and bronze from its colonial territories to support the metropolitan war effort, leaving Madagascar without adequate small change. The government issued a series of small-denomination cardboard-like emergency notes to fill the gap. This 25-centime piece is among the lowest denominations in that series.

The "and Dependencies" designation in the issuer title covered the Comoro Islands, which fell under the same administrative authority at the time.